Maybe when dealing with an unsophisticated or under-informed borrower which the sovereign states in question are not.

When I take out a loan a bank usually asks for collateral but these loans to Greece are unsecured and not worth paying back. The banking system should have been left to fail but instead we live in this world where governments bailed them out. Capitalism for the poor and Socialism for the rich.

And not only that, I will be morally right. What amazing times we live.

Default is not a solution to repay a debt. You can choose to default, but you can't expect any credibility later. The message Varoufakis sent to Greeks was: "Let's just say we don't want to pay and everyone will forget about in a couple of years."

The solution he proposed to the EU was rejected and the next day was applied by the letter on Ukraine.

Plus being accused of talking macro-economics on a Eurogroup should be like accused of liking basketball at an NBA playoff game. But then again, if the room is full of politician, who don't understand the first thing about economics and just blindly execute, that's what happens.

The only way to get financing is by debt restructuring. It has happened time and again. You'd be amazed how many countries defaulted the last century. I think Germany defaulted twice.

When politicians stay it's always "bah, bah, no one ever takes responsibility". Now, someone took responsibility and it's "bailing on Greece".

Yeah. Sure.

* Jah-Rule on fyre festival: "this is not by fault but I take full responsibility"

* Hillary Clinton on losing election: "this is misogyny and fake news fault but I take full responsibility"

* Heather Bresch on Mylan price gouging: "The real fault is in the supply chain but I take full responsibility"

In Greece, I know of NO politician in 50 years, who retired promptly when his views and gov's views stopped being aligned.

So regarding Greece, that's a huge deal and gives him alone more credibility that the last 10 Greek governments put together.