You donâ(TM)t actually know what you are talking about do you.
Most of the loans in question here were in fact loaned by German and French bankers to the Greeks prior to the 2008, Deutsche bank was one of the biggest. They could get somewhat higher returns loaning to Greece and they had some security because Greece was in the Eurozone. That security unravelled with the 2008 crash.
The ECB, EU, IMF gave massive loans to Greece in 2010, and most of it immediately went to extricate the German and French banks from their bad greek loans. If the Greeks has defaulted on the original loans then there would have been a massive banking crisis in Germany and France. The 2010 EU bailout was to save their banks more than it was to help the Greeks.
The Greeks just got more debt piled on top of too much debt and its totally destroyed their economy. Recently released IMF studies confirm the Greeks canâ(TM)t sustain their current debt load and it has to be restructed or they have to default. If they stay the current course with austerity and more and more bailout loans they are doomed.
If the Greeks had been smart they would have exited the EU and defaulted on the debt in 2009 and the people who made the bad loans, the German and French bankers, would have paid the price. Instead they got off scot free.
Iceland immediately defaulted in a similar situation, they had some short term pain but they rebounded, while the Greece has gotten nothing but worse and worse under the yoke of a corrupt European and global banking system.
For banking and loans to work there is a simple rule, if you are foolish enough to make a bad loan to someone who probably wonâ(TM)t pay it back, then you pay the price when they default. Instead the people who make the bad loans (i.e. bankers) get to keep their bonuses profits and everyone else gets to pay for their stupidity, greed and corruption.