[JackFr]

> The problem was that the Greeks had got themselves deeply, calamitously into debt.

To be clear then, any 'bailout' of Greece is truly a bailout not of Greece, but their creditors.

[nutjob2]

Not at all, that's a side effect. If what you say were strictly true, then why would Greece bother? Let the creditors burn.

Of course the reason Greece agreed is that the attendant inability to borrow after the default would be much worse for Greece than the lenders. That really goes to the heart of the situation Greece had got itself into: default would not save them.