Bank loans created by computer entries can be cancelled by computer entries, as the money never existed in the first place. Thus the post-war German economic miracle was made possible by massive “debt” relief from the Allies. Having deliberately starved the Greek economy of money, to bring the country to its knees, the European Central Bank is now engaged on a €1.14 trillion programme of quantitative easing (printing money) in the Eurozone, a mere month of which would eliminate the money owed by Greece to the IMF.
Greece as a trading partner is worth this to the EU, whereas a bankrupt country is worth nothing and would be a perpetual liability for us all.
Thus the viciousness of Germany, the ECB and the IMF are exposed. If this is an example of EU companionship and fairness, then we are indeed better off without it.