Wishful thinking by bondholders

How could that happen? Investors are just beginning to understand that they will soon face losses on loans to Greece. Until recently, the presumption had been that German, Dutch and other northern European [middle class voters] taxpayers would bail out failing governments in peripheral eurozone countries, at least to the extent necessary to protect creditors against losses. Bloomberg

Collecting taxes from a miserable middle class can be a bloody affair.  Bankers made a geography mistake, they looked at Greece and thought it was Germany.