The Greeks tried to play brinksmanship, and it looks as if that strategy may backfire.
Alexis Tsipras seems to see himself as wily Odysseus, tricking his enemies (i.e., people who have lent Greece money) by virtue of his superior intelligence.
In reality, he's just Bernie Madoff, selling worthless pieces of paper the Greeks have neither the ability nor inclination to make good on.
Over 50 percent of the doctors in Greece declare incomes of less than $14,000 a year. With tax avoidance so rampant (and doctors are just one, obvious example) it's not surprising that the government can't remain solvent.
I don't know what the solution is, but I certainly wouldn't be inclined to lend them any more money.
The problem is, if the European Union doesn't extend more credit, and boots them from the EU, the Russians will swoop in and lend them money. But Putin knows the Greeks are not money-good, and would only do this to get something in return: a place to put a naval base. That's a headache the Europeans don't want.
So, it's an impossible situation. All because the Greeks are irresponsible and don't pay their taxes.