Greek debt swap

More investors have been signing up for Greek debt swap in order to allow the country to remain in the Euro if 75% of private lenders agree. For more info read http://www.bbc.co.uk/news/business-17283781


I would argue this is just wasting time and therefore delaying the imminent collaspe of an economy suffering from gross mismanagement. We should not be wasting resources saving Greece, but should be trying to find a way to make their default and withdrawal from the Euro as painless as possible. If the private investors do however agree to a debt swap, then Greece will eventually need another huge amount of money from Europe as their GDP has reduced a huge amount. Greece can not hope to survive without further help. I fail to understand why the Eurozone is still willing to throw 'good money after bad' as their money could be used to either help countries such as Portugal, Italy or Ireland who are struggling but have a realistic chance of a good recovery. Or the money could be used by the individual countries to stimulate growth in their own stumbling economies.