Tyler on Greece

By now I’ve read many more other commentaries. My basic opinion hasn’t changed much, but here’s another way to frame it. The EU pledges that Greek creditors will take a hit but that this will never ever happen again, not with Spain or Italy in particular. That’s not a credible promise, if only because of the magnitudes involved, and so over time it shouldn’t influence the borrowing rates of those countries very much. It’s worth a small amount to have the promise made at all, but the comparable promises made about Greece were just broken so who is being fooled here? Marginal Revolution

Bondholders are immune from promises don't we think?
Who are Herkel and Serkel making promises to? Why, their own middle classes: I promise this is the last subsidy we steal, in cash, for someone else's bad bet.