[SteveH]

another perspective, from the economist

http://www.economist.com/news/leaders/21643139-unless-syriza-changes-course-greece-inexorably-heading-out-euro-hitting-ground

what is the collateral on these loans?

if there is no collateral, then perhaps the problem is with the loaners.

[SteveH]

yet another take

http://america.aljazeera.com/opinions/2015/2/germany-owes-greece-for-nazi-era-debts.html