Yep, Greece following the Iceland model is a realistic alternative. It wouldn't do much to stop the dominoes from falling, but it may be a way out for Greece.

dougwalkabout -- as I understand (and I'm certainly not an expert), Iceland repudiated the debt incurred by their central bank which was a privately owned institution much like the Fed in the USA is privately owned, not government as many seem to believe.

In The Meantime Iceland Is #Winning

Iceland fared better by letting banks fail

Daniel Hannan: "until they leave the Euro, the Greeks have got no light at the end of the tunnel"
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Better is the Enemy of Good Enough.
Okay, what’s your point??