The Recapitulator is, inter alia, a father, and wonders aloud if the ECB and various putative rescuers of all of the Grecian problems have children.
Giving special rights and privileges to one child among many only fosters resentment, jealousy, and imitation by the others. Other EU nations that are/will have solvency issues will demand the same treatment. So simply allowing Greece to haircut debt obligations without much in the way of consequence (save an austerity program that will force a drag on nominal and real GDP for perhaps a decade or more) only invites similar strategies from other nations. Its entirely rational.
No mere "optical backstop" will prevent such a cascade of events. The ECB and related parties must shower a Vesuvian equivalent of liquidity upon the Mediterranean (and Iberian, for that matter) peninsulas or be faced with petrified members that are frozen in time and unable to prevent social unrest.