Finally, you get the chance to become competitive again. (I base this on SOAS professor Costas Lapavitsas' upcoming document, which he has verbally outlined to me).

BBC: Greek referendum is coin-flip on euro exit

Old bonds will be exchanged for new bonds, but according to Professor Costas Lapavitsas at the School of Oriental and African Studies in London, the new debt will be made subject to British law so the Greek parliament cannot change that the payment terms.

FORBES: Eurocrisis: Yet More Problems in Greece