So, once Greece is isolated, what to do with the more than €360 billion in debt Greece will have accumulated by then? Most of the debt will likely be held by euro-zone governments, the International Monetary Fund and the European Financial Stability Facility, the euro zone’s sovereign rescue fund. One idea would be for the euro zone to assume Greece’s debt at a discount, provided the banks that still hold Greek debt can absorb the hit. But that means euro-zone tax payers would also have to absorb the hit, a politically toxic proposition in Germany, the Netherlands and Finland, three of the euro zone’s most important creditor countries.