No. The point you are missing is that it is also not ok for the lender to lend everyone a billion dollars, wait for people to default, and then go ask the government to give them a billion dollars back because otherwise they will go bankrupt.

If the supply of money has essentially been exhausted, then both borrowers and lenders have been doing something wrong, and it should be BOTH that suffer, so that both are incentivized not to resch this point again. What happened in Greece instead was that only the borrowers suffered, the lenders got all their money back.