“But the lenders should have known better!”
Fuck you. Lenders put up with enough shit already, like countries that print the currency they issue debt in to “monetize” repayments. If anything, that’s what they expected: if Greece is really in trouble they’ll print.
Greece can’t choose just one implement to screw creditors with, so it is using both immediately-available options. Even as the Euro’s buying power erodes thanks to all the debt monetization to pay for the bailouts, the Troika is stuffing a haircut down private creditors’ throats.
“We’re paying you back in Euros, which we’re printing. And we’re paying back 50% of what we agreed to at lower coupons than we promised. We just didn’t know this debt would be so big!”
Basically, if you ever buy a bond secured by European debt ever again you are a fucking idiot. The Eurozone is dead. No one will lend to them but themselves.
