The glaringly obvious way to create an orderly Euro bond market

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Sometimes the glaringly obvious needs to be said.

Euro  leaders have now conceded that Greece will, almost inevitably, default on its debt obligations.

There is only one solution to this problem as far as I can see: the Eurozone as a whole will have to accept responsibility for the currency that it created and replace the failed Greek debt with new Europe wide debt obligations that would be issued in exchange  for the  discredited  Greek debt at an obvious, and considerable, discount on the latter.

Of course this is a default,   but what it does do is provide a clear, valuable, and secure financial instrument to replace a failed one.  Banks can value them, and therefore balance sheets can be restored to good health.  The cost of the replacement debt should be spread over many years, maybe 50 in all.  There is a demand for such debt.  If issued on a Europe wide basis  the interest rate will be low, and affordable.  And the fact is that Greece can still be required to make payment of the resulting obligation,  but through a central European agency making this a political issue, rather than a 'state to bank' issue.

The solution seems to me to be glaringly obvious.  Why isn't it on the table?

(Assume this was the back of a fag packet: is this such a solution? - sometimes they're the best).