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Greece certainly needs to have hope, but is Philip correct in assuming only Grexit can give it that?

For Greece to stay in the Euro, debt has to be written off. But that raises two issues: what will the impact of that be on other countries e.g. Ireland, Spain etc that have managed to get through the crisis without writing off debt and are reluctant to allow Greece that luxury; Secondly, can Greece reform its structures to enable effective tax gathering, retirement and pensions for public sector workers that are not seen as excessive relative to other EU countries?

The current set of negotiations, if they can even be called that, do not seem to be leading anywhere. The danger may be an accidental Grexit that benefits no one.