The Baltic States Do Not Exist According To The Economist
"I would go further and say most, if not all, resolutions of balance of payments crises involve devaluation. For Greece to pull this off without devaluation will require a brand new template."
Except that the baltic states did in fact pull it off. In 2007, Estonia had a current account deficit of 18% of GDP (an even bigger deficit than Greece ever had) yet by 2009 they had turned it to a surplus. Latvia and Lithuania had deficits similar to Estonia's relative to GDP in 2006 and 2007, yet by 2009 they too had surpluses. And all of them did it without devaluations.
The reason why they were able to do it so quickly is because unlike the deeply dysfunctional Greek society where all too many seems to think that strikes and vandalism is the path to prosperity, people in the Baltic states have focused on trying to produce more and to the extent they can't they simply stopped spending money they were unable to earn.