The idea that this crisis has simply pitted one democratic mandate – that of Greece – against the hard-pressed taxpayers of 18 other eurozone members is nonsense.
Not only have the loans that bailed out French and German lenders, rather than Greece, been highly profitable.
The net present value of those loans is around 50% of the nominal value. That’s not a profitable outcome where I come from really.
Actually, we usually describe that as a 50% loss.