I don't think that's an accurate view of things, the causal chain goes the other way. Banks had to be recapitalized because of the PSI, because the Greek defaul

I don't think that's an accurate view of things, the causal chain goes the other way. Banks had to be recapitalized because of the PSI, because the Greek default wiped them out. The bailouts were directly caused by the default. And in any case, they had no choice: without the Evil Bank Bailouts Greece would have been left literally without a banking system, that's not really an option.