Ask the Greeks how that turned out.
https://www.corpwatch.org/article/eurozone-profiteers-how-ge...
Also, economist Mark Blyth has written extensively about this.
Yes and no. Yes it was a bail out of others.
But Greece was 175% in debt. That's not the fault of the banks who lent money to Greece. FWIW it's widely documented too that, from the start, Greece cheated to get in the EU / Eurozone, with the help of one of the big four accounting firm, by completely cooking its book to hide how bad the economical situation of Greece was.
So, yup, sure, "evil bankers". But somehow the greek government managed to reach a debt of 175% of its GDP. That's not the fault of capitalism / finance: that's the fault of government overspending.
But moving on from moral arguments, the crux is that only some 5% of the bailout money actually stayed in Greece [1].
Furthermore, it takes two to tango: the banks did not diversify their debt portfolio [2], they lent because they wanted to, and, knew Greek debt implied higher risk. After all, that’s why these loans commanded a higher interest compared to other sovereign debt.
[1] https://amp.dw.com/en/most-of-greek-bailout-money-went-to-ba...
[2] https://econreview.studentorg.berkeley.edu/a-tale-of-two-cou...
- Should the population that voted for a crooked, even criminal, government suffer all the consequences from its actions?