That...couldn't be more wrong.

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.