Don't do it Greece. Don't take the money. You can't afford what you've been lent already and you won't be able to afford the next lot either. It's just a way the western bankers and their political cronies have of indebting you even further so that you can privatise your services - to them... and sell off your heritage - to them!
Call it what you will - restructure, reschedule... default is the only way forward for you. Sure it will cause banking chaos, but isn't it right that the bankers should pay for the crisis they caused in the first place? Sure it will cost us in the short term - may even trigger another banking crisis as people see the writing on the wall and run on the banks you are most indebted to. It is these same banks that don't seem to have learned from their earlier lesson in macro finance so a repeat is probably the only way to consolidate their learning curve.
For you it will be really tough. But listen to your people - they don't want to see their country sold on the altar of western capitalism and phoney 'eurofamilias'. They know you have huge resources. Sun, sea, food, tourism, and willing workers. Let's face it, your situation would never be worse than Cuba when it circled the wagons after the west cut it off and, relying on its own resources, grew one of the best health services in the world and fed its people from kerbside gardens. It attracts huge revenue from hordes of admiring eco-tourists hell-bent on securing Plan B (or is it C?) for when the planet hots up (but that's for another blog, I guess).
Who would you trust now? Bankers whose only interest in your country is that accrued from the debt they are forcing upon you? Or your own people who would rather be temporarily impoverished masters of their own universe rather than slaves to broken fiscal policies dreamed up by unimaginative automatons that know only about creating the future on the bankrupt ideas of the past. I know who I'd listen to...