In the end simple really, get the ECB to declare it can;t take any losses, agree there to be no restructuring of any Sovereign bonds and impose instead of this a 75% loss on £125 billion of private sector loans. Why should Government's face losses when their are private market players to mess with?
Hey presto, the Greeks are saved and can be lent money by the Eu to help them push austerity further onto their Country which has a currency 20% overvalued and youth unemployment at over 50%.
All is well, Merkozy have completed their work.
What can possibly go wrong now?