Germany and France could, if they wanted to, completely void Greece's debt. They have a combined GDP of about $6.5 trillion. Greece GDP is $0.24 trillion and is one of the smallest players in the EMU. But the don't have to and they don't want to because then other countries could also think that they shouldn't have to pay their debts.

I think they are ruining the Euro project because they are creating a lot of animosity between peoples. Greece will survive but it will be remembered for a long time that in their worst crisis they were being bullied by their bigger brothers. Right or wrong, that's how it is seen.