In all these cases of mega-bankruptcy by a nation, the creditors truly share much of the gilt... why repeatedly dump zillions of $ into a sinkhole, with no effective ways of checking if measures are taken by the debtor to pay back someday? The debt goes up exponentially because for political reasons nobody wants harsh measures, based on reality, at the right moments.
Try going into your friendly neighbour bank and tell them to lend you some more money (make it a huge amount) after you repeatedly failed to pay your debts and have no realistic plan to balance your finances
