The obvious is that the G20, or the U.N., or the E.U., appeal to the conscience of the creditors and, in the name of humanity, persuade them to forgive (at least some of) the debts owed to them by the near-insolvent. One answer is suggested by Manuel António Pina in the Portuguese Jornal de Notícias:
“Who really has the say in the country? The majority of people in Portugal probably don’t have the vaguest idea who Olli Rehn is. But they should, because this EU Commissioner for Economic and Financial Affairs and talented ventriloquist manages to make our government speak from Brussels. When [Finance Minister] Teixeira dos Santos or Prime Minister [Sócrates] announce ‘measures’ they are really just moving their lips, because Olli Rehn is the one who’s really speaking.
“But in fact the whole thing is really like Russian dolls, because both the EU Commission and Olli Rehn are also only moving their lips. Through them speaks the voice of the ‘market’ or, more precisely, the banking system and the profiteers.”
The first in a second series of videos has been posted at YouTube. This series is about Eric Koch’s internment, which began in England in 1940 and ended in Canada 18 months later.
Eric Koch’s book, The Weimar Triangle, is available at Indigo-Chapters and in your local bookstore. 
There was an editorial in the Irish Times a few weeks ago that asked: “Is this what the men of 1916 died for…” and went on to talk about accepting an English shilling. These corrupt little countries should be allowed to go broke. Too tough? A recent Irish finance minister didn’t have an active bank account. The man collecting taxes living in the cash economy. Let them go under. And I am part mick.