How do you classify debt that is not theirs?
I classify it as the country of Greece did not Hedge the derivatives bets.
That was done by the banks that needed to be bailed out.
Here is an analogy for you.
1) I lose a bet on Wall Street, based on the fraudulent fractional reserve banking system, hedging a bet in the stock market on some bad loans in a real estate market.
2) A bank convinces you to bail me out because I’m too big to fail. Remember did you ever get a bail out when you mismanaged your money. Answer : No because that’s free market. You should have known better. However, that same through dose not apply to the banks. Nevertheless, they convince you that it will help me and you ultimately.
3) You decide to help me out, (kind of like a co signer of a loan), and then you have trouble paying it. Three times you follow, the banks advice, only to find yourself further and further into debt. Kind of like being upside down in a house or a car payment.
This is even though originally this was not your debt. So following the advice of the Central Bank has put you in a terrible position financially.
That’s basically what happened.