In your radio show of 2015/02/26 you say that, "When you're short of real resources printing fresh money can do no more than give you a temporary kick."
Since most money is created when banks make a loan, if those loans were to go to producers to increase supply "printing money" could be deflationary. Loans to finance consumption will create inflation if output can not be increased to match.
What real resources does Greece have? What real resources does Greece lack? Unemployed labor is an available real resource, so if that labor were put to work on improvement, maintenance, harvesting and processing of the locally available physical resources why would that cause inflation? Greece has buildings and an infrastructure in place and the "costs" of using them is artificially high. The money costs of building maintenance and replacement are much less than the rent paid to owners.
How much government spending could be cut without hardship if expenses like rent and interest payments were cut by policy, law, and regulation? They would not like it, but landlords can't put wings on buildings. Would Greek citizens need so much income if their economic goal was merely having enough and they were freed from the yoke of prenures. (Fr. prenure; one who takes.)
The world could learn to see exitprenures as the key to real innovation making possible a steady-state economy. Greece could call in Herman Daly, read Louis Kelso, and avoid confusing the paper economy with the real (physical) economy like almost everyone else does.
Barry http://home.earthlink.net/~durable/