"Among creditors, a big catchphrase now is “moral hazard”. We cannot be too kind to Greece, we cannot forgive their debt with few string attached, because what

"Among creditors, a big catchphrase now is “moral hazard”. We cannot be too kind to Greece, we cannot forgive their debt with few string attached, because what kind of precedent would that set?" They already set that precedent by refusing to punish the individuals involved in the fraudulent misrepresentation that led to Greece entering the Eurozone. Still not too late for the creditors to make amends for that mistake.