Creditors have more political power than debtors. So, "It's all the Greeks' fault", and Greeks must pay all the costs of our Ponzi financed irrational exuberance. So now it's financial repression for Greek debtors until they have repaid the last euro. Which they can't, because their economy is depressed and repressed and Greeks have no way to earn enough euros to pay the interest, let alone repay the loan principal.
Outgoing Greek negotiator Yanis Varoufakis calls this the new Treaty of Versailles. But modern Germany's historical memory was reborn in virgin innocence after 1953, the year one half of Germany's Versailles and WWII debt was forgiven. Written off. To allow Germany to once again participate in the game of "let's have an international money economy".
The credit-bridge operators are failed financial businesses who made bad loans that brought their depositors and national taxpayers down with them; all of whom refuse to accept their free market fate.
Which they shouldn't, because we live in a political economy where we have to solve our own problems with human intelligence. We don't live in a "self-regulating" free market system that is optimally managed by a magical hand. Or by the blind application of banker arithmetic.
The economy's life depends on ongoing operation of some kind of money system. The banking system operates the money payments system. So the commercial banking system cannot be allowed to fail because there is no "backup" system in place to replace it. The backup system is peasant agriculture supplemented by hunting and gathering.
And whenever any nation threatens to replace the collapsible credit bridge with a non-collapsible money road, the bankers threaten to blow up the bridge that the economy is standing on. Like they just did to Greece. Reintroduce the drachma and we will destroy its fx value in minutes. No more food or energy imports for you. Agree to our demands or we shut off your banks. Try running a money economy without "money".
Play along with extend and pretend, or off the bridge you go.
Macroeconomics is about the money system, not the real economy that is activated by the money system. When the money system fails, the real economy stops working due to failure of the bank-operated money payments system.
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