A large group of people somewhere who thought they were above losing, have to lose all their money. Once the bottom is reached, then the survivors can buy up the failed firms, and start the recovery process.
This process has not, and will not happen in places like Europe, and outside the main cities of the UK because the process of “death by a thousand cuts” is going to take too damned long plumbing for the bottom!
Whatever country first severely weakens their currency may well enter recovery first. That country has then forced the losses onto the savers, thus making them the losers who pay for this recession.
The forces of deflation are pushing the other way. Any government can create all this QE money out of thin air, but if deflation then destroys it, the actual value of the pound and dollar goes sideways, rather than down. That collapse having been prevented, means the bottom has not been found again, and guess what? - No recovery!
Now it’s the Euroland’s turn. They need to devalue the currency, but Germany is having none of it. Without a crash in Europe, the too-strong currency will just end up with unemployment pushing ever higher, as firms are not making enough money to pay decent wages, and the wages people DO get cannot keep up with the cost of living - that increase which has almost topped out this point, due to “buying exhaustion”.
The problem for citizens everywhere is that if deflation seriously takes hold, we might well see prices come down 90% - But no one will have any savings or a job left to have ANY money to afford anything with still!
The Greek Elections have a lot riding on them. If the radicals take power and the “death of 1000 cuts” ceases, and the Euro will probably end up devalued. Recovery can then begin Europewide.
If all these debts still have to be paid, then Greece will just default, leave the Euro, which will rocket sky-high, making it even harder for other indebted countries to meet their repayments. It just brings a deflationary crash ever closer when the debt bubble finally bursts, because any one of those ever larger countries says “Enough’s Enough - We can’t and won’t be paying!”
All this has already been put off 4 years by US and UK QE which is akin to jumping off the Titanic, and furiously treading water next to it.
To survive, you’ll need to get further away (leave Europe), but risk perishing from exposure (denied access to the markets) even then!
Stay put, and you’ll still be sucked down when the Titanic eventually sinks, which won’t be taking much longer.
It is in the interests of the “Creditors” to Engineer an election result in Greece similar to the one in Iran, where the public were convinced they’d be removing the incumbent, only to be told he’s just won a landslide victory all because of faceless votes from voters whom no one seems to actually know?
Creditors want to be very careful indeed what they are doing in the manipulation stakes, because if the public europe-wide ‘lose it’ now, then the backlash may very well have those with all the money (present in Europe) going up chimneys again. History has a knack of repeating itself, especially when nothing was learned from last time around! 
Personally, I hope for a radical win in Greece if nothing else than to keep the peace - but I won’t be holding my breath.
