Sure, there was this service to embellish the books provided by Goldman Sachs. But moving on from moral arguments, the crux is that only some 5% of the bailout

Sure, there was this service to embellish the books provided by Goldman Sachs. But moving on from moral arguments, the crux is that only some 5% of the bailout money actually stayed in Greece [1]. Furthermore, it takes two to tango: the banks did not diversify their debt portfolio [2], they lent because they wanted to, and, knew Greek debt implied higher risk. After all, that’s why these loans commanded a higher interest compared to other sovereign debt. [1] https://amp.dw.com/en/most-of-greek-bailout-money-went-to-banks-study/a-19234391 https://amp.dw.com/en/most-of-greek-bailout-money-went-to-ba... [2] https://econreview.studentorg.berkeley.edu/a-tale-of-two-countries-a-history-of-the-greek-debt-crisis/ https://econreview.studentorg.berkeley.edu/a-tale-of-two-cou...