It's unlikely that any bankers lent Greece any of their own money. More likely, they convinced pension funds and other sources of cash to buy Greek debt, and t

It's unlikely that any bankers lent Greece any of their own money. More likely, they convinced pension funds and other sources of cash to buy Greek debt, and took fees from the borrower and the lender for setting up the deal. Similarly, while Greek bus drivers may get steep cuts in pay, it is unlikely that Greek politicans and financiers will suffer as much. Therefore, while a failure of the Greek bond market may have some good effects, it is not guaranteed to find all the guilty. Do you also believe that Madoff should have been allowed to simply stop paying his "clients", and that their subsequent loses would be enough to stop future frauds while Bernie sailed away on his yacht ?