yes, you could say that. there is also the problem of the euro-dollar market: a number of financiers of European government debt, some of whom were denominated in dollars, came from the USA and would never have agreed to a haircut, for example Freaky may and funny Mac or whatever those things were called

Ahh, ok! So it was like a business deal where one company that's running in loss is taken over by another country only to rescue but the loss was so deep that the profit making company couldn't get over it by even giving it away their best??

Coinsreporter

No, the Greeks had to accept massive cuts in their pension system, for example, and privatize large parts of the state economy, such as the regional airports that were transferred directly to the German operator Fraport. The Greek national debt has not disappeared since then, it continues to rise - this is all a pure media illusion show that we are experiencing here in the EU

TomK

econ

Germany's Debt Crisis Deepens Amid Record Investments

So, Greece actually did a smart thing by handing over their debt to Germany!