In the abstarct what you suggest is feasable. And what the Financial class think should happen.

But why should a nation accept a 'promise' from a wealthy debtor that they will help them in the future? We can't even deliver on the GlenEagles promises.

that was the question that i was really trying to ask. It seems like a logical endgame, thinking it through in abstraction, but it wont come to that because the players will see it coming, and..uh…its not abstract.

so that suggests some people ( uh.. countries) will " agree to fold " and accept short term mess ( a generation or so) on the promise of longer term promisary notes…since no one in the debt loop is in a position to change the base rules because as you say they are all obliged to each other therefore in no negotiating position, except by virtue of sheer volume ( states/ china etc) or incessant growth…hence this talk of core and periphery…
and in morgan grenfells dialect, " core" means america and "periphery" means europe

i wouldnt give the euro 5 years.