Absolutely. It bails out bond holders stupid enough to lend money to a nation with bad fiscal habits. And, it siphons off capital that could otherwise be put to good use creating jobs. The problem is not Greece as you point out. The problem is the politicians trying to solve every one of the Earth's problems.
What’s so stupid about lending money to Greece?
Greek government bonds are yielding around 17%, which is a very good rate.
And you know that these bonds are back by the full faith and credit of the GERMAN government.
Seems like a win/win to me.
The problem here is not so much any attempt to "solve problems," but the fact that ridiculous promises are made in order to gain personal political power. Then when those promises cannot be delivered on, the slaves start rioting on the plantation. Then, to retain power, politicians have two choices: (1) brutally put down the civil unrest, or (2) make more promises and offer more goodies to placate the slaves until there is no choice but to do (1).
Greece/Europe may find itself at (1) here shortly. I hope not.
BTW, world Communists and Socialists and Envirowackos: is it okay with you that the world's greatest antiquities may be destroyed by moronic spoiled-brat rioting engendered by the stupidity of your failed Utopia?