That's also what, afaict, is keeping the problem from just being solved. Greece is small enough that it's quite possible to restructure their bonds into some workable package rather than kicking the can 6 months at a time. The IMF, for example, was floating a €50 billion debt haircut, which is not a ton of money in absolute terms. Alternate proposals would cap repayment in line with GDP, e.g. 1% of GDP per year, which would in effect amount to writing off a few tens of billion € per year (by letting it inflate away). But the EU is worried about setting a precedent that might impact a much bigger country with bigger debts, like Spain. (The other issue is just pure political constraints. Many EU countries currently have strong populist-right parties either in government or with an influential position in the government, like True Finns and Dansk Folkeparti. These parties are obviously against anything that looks like being "soft on Greece".)