Not without consequences. If its so easy why doesn't the European Central bank simply print off all the money it needs to pay off Greece's debt? Because people who bought Government debt ie those who lent the government money, would see value of their bonds plummet. If there was high inflation the value of the bonds would become more and more worthless. People would be unwilling to lend money to the government in the future. And then you are FUBAR'ed..