It is a widespread knowledge (at least the US has it), that forceful saving in a crisis, will deepen the crisis.
As a German, I know that Germany got a dept-cut after the second World war, that the German nation could rise from misery. We should have allowed the Greek the same luxury.
Instead, the governments cared only for the banks.
Back in 2012 it was determined that Greek debt was unsustainable, and a large haircut was needed. But because the EU governments were unable/unwilling to accept any haircut on their holdings of Greek debt, that write down was borne entirely by private sector lenders.
> Instead, the governments cared only for the banks.
The banks lost 75%+ of their loans. The governments lost 0%. There's no way you can realistically spin that as a bail out of the banks.
When those sold loans later where haircut, than the lost value of 75% was on papers, but the value that those holders really lost very likely much smaller (if any), because they bought the loans with huge discounts.