It seems to me the most sensible solution to the Greek debt crises is for Germany to annex Greece. It would be an uncomfortable proposition for historical reasons but it seems like the right way to go.
Germany has a decent track record of integrating less productive economies into their own. Greece has a population about 1/8th the size of Germany so they would have a voice in the German government, but not enough to disrupt decision making or make things politically unmanageable. All of Greece's debt amounts to less than 10% of the German GDP. German debt already sits at 78.8% of their GDP so it's unlikely that another 10% would freak out bondholders.
For Greece it seems like a no-brainer. It's either join Germany, accept crushing austerity and a brutal recession, or stiff bondholders, leave the Euro and likely suffer really bad inflation and all sorts of capital flight problems.
There would be some language and culture problems and all that sort of stuff but computerized translators seem to be getting better by the day.
Bonus: fans of historical sovereign debt crises know that a situation like this lead to Newfoundland joining Canada.