Jörg Bibow — Time to End Europe’s Disgrace of Holding Greek People Hostage

The main problem is that governments in creditor countries, with Germany being the key one, have systematically misled their people. Their so-called bailout programs for Greece were never primarily a bailout of the Greek people. 

Whose bailout?

Instead, they were foremost a bailout of German and French banks, the masters of irresponsible lending in Europe and abroad. The German government had put German taxpayers on the hook for the banks’ colossal losses suffered in the context of the US “subprime crisis.”

Pretty much like the US, except in the US there is not only a currency union but a political union and therefore didn't let the states hardest hit by the housing crisis collapse even through the US government bailed out the financial institutions that caused the crisis.

Multiplier Effect
Time to End Europe’s Disgrace of Holding Greek People Hostage
Jörg Bibow