This is an excellent point since the conversation among many in Greece has always been, should Greece have defaulted rather than enter into these agreements at all. Papandreou's decision to call a referendum in hindsight was very telling. He was called a psychopath. European leaders tore their hair out when he did that.

Just when these people are screaming loudest, that's when you know you have them by the nuts.

The nature of the Greek loans back then would have allowed Greece to choose whom to repay and on what terms. Whereas the rest of Europe could have then dealt with recapitalizing the banking losses.

Greece, the argument goes, would have been shunned and treated as a deadbeat. I'd argue that the last 5 years of slander are much much worse than what would have been heaped upon Greece back then.

Having chosen the road of austerity and permanent punishment, the Greeks now seem committed. If they are forced to exit the eurozone, it will be the worst of all 3 possibilities.

Option #1: Exit the eurozone in 2010
Option #2: Stay in the eurozone with austerity for a decade or more.
Option #3: Go through 5 years of austerity and then exit the eurozone only to experience the same level of infamy you would have experienced in 2010.