Greek solution

As the Greeks weigh up the pros and cons of austerity versus default, they could consider selling some of the islands as part of the debt repayment. The ECB could swap its debt for Crete, for example, and move from Frankfurt to sunny Iraklio. The banks who lent to Greece could bid for some of the other islands, thereby enabling them to offer their employees free holidays in lieu of bonuses. They need to consider the value of their main assets: climate, sea and beaches.