[chm]

Say you're a homeless junkie multiply convicted of petty theft. Then say I lend you 20$, with 50$ due a year hence. Who made a bad decision? And who's going to be surprised I haven't got my money back in a year?

I don't think it's as simple as that with Greece, but obviously at some point creditors need to bear the risk as well. It can't be an "always win" situation for them, and I don't think it has been. Question is where to draw the line?