Yes. The treasury depts in those French and German banks thought they were being smart buying Greek debt, because they got another 50 or 100bps from Greek euro govies as opposed to German, and they were both AAA. There's a reason you're getting those extra beeps! Because you're taking more risk! But in the end those treasury dept investors were made good by the ECB, as though they'd taken no risk at all. This was scandalous and an abuse of the ECB as an institution by the French and German govts. I voted remain on 23 June, but this kind of thing almost made me vote for Brexit.