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Easier bailout terms for Greece could open a can of worms

CTV News
Er, no. I fail to see what worms have to do with economics, myself. I suppose it has to do with this line of thought:
Ceding too much ground to Athens could ignite a broader political crisis by infuriating people in other bailed-out countries in the currency bloc which, unlike Greece, have obediently complied with the demands of creditors and largely restored their financial health through painful -- and politically costly -- austerity measures.
Although I'm gonna have to take issue with the claim 'largely restored their financial health' in 'Spain, Portugal, and Ireland'.
All the EU did for these countries was kick this solvency crisis further down the road for those three countries.
Greece's solvency crisis is right before us, however. It's staring us all right in the face.
Honestly, Greece defaulting probably won't affect us Canadians too much, as we're not too exposed to the EU, but what with globalization all the rage nowadays, we can't be 100% certain of that claim.
Anyway, what's the big deal about bailing out Greece on more lenient terms, considering all the money that would be spent on Greece will most likely return to where it came from, anyway?
It's just some stupid game, in the end.
German banks will end up giving money to Greek banks, who in turn will use it to pay off loans owed to German banks. Oh, and some of that money might even enter the actual Greek economy, too.
You know, most of that money doesn't actually exist, anymore. In reality, I mean. If it ever actually existed in the first place.
The monies owed is largely a result of a super-heated bubble economy. Much of it all comes from interest. Not very much of it was actually earned through real work. It's all a damn scam, when it comes right down to it.
But the EU will continue hold Greece's feet to the fire, and extort these monies until it's all paid back.
It's all a stupid joke. It ain't even close to being funny.
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