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The bailout money is earmarked for foreign creditors.
Perhaps you are focusing on the wrong thing. There are infinite ways to solve a problem, but some ways are much better than others. You are subtly suggesting that it does not matter what path we take. However, I beg to differ, for the simple reason that Greece ( the corrupt government officials) will keep on misusing money. It will keep on taking more debt and will never learn. It is pouring money into a black hole.
A better way to deal with this would be to pay the foreign creditors directly, and let Greece default. This way we can end the problem much faster. Otherwise, corrupt Greece will keep asking for more and more bailout funds for the deficit it keeps on incurring.
Also, I would favor creation of 2 monetary unions, but with a single political union. There should be two Euros: Euro 1 ( for core countries, such as France, Germany, Netherlands, Austria, Switzerland, and Scandinavian countries, such as Finland, Sweden, Norway) and Euro 2 ( for peripheral countries : PIIGS and other weak eastern European countries). There would be two monetary policies : one for Euro 1 and the other for Euro 2. The Euro 1 zone, as of now, needs higher interest rates, and Euro 2 needs lower, probably fed-like, interest rates. This would help in reducing the economic imbalances of the EU.