That it is novel somewhat surprises me. I thought it was commonly known and accepted that it was in large part German banks that were being bailed out when bailing out Greece. Similarly, as I understand it - and have long understood it, since perhaps 2005 or so (I'm Irish) - the property bubble in Ireland was driven by historically low interest rates - only easily possible with an influx of foreign capital denominated in Euro. Inflation in house pricing was so extreme that relying on it became an accepted way of becoming wealthy. Now, in Ireland, lots of people are pointing fingers, blaming politicians, banks, property developers, etc., but the real theft was by the property owning middle class themselves. When people wonder where the money of the boom went, they need only look to people who owned houses.

And another problem with house ownership - especially in English-speaking countries - is that it is seen as politically damaging to enact policies that cause house prices to fall, because it reduces the perceived wealth of the middle class. But this very same dynamic is what causes people to be upset, screaming that teachers and policepeople can no longer afford houses on their wages, ergo wages must rise, first time buyer tax rebates / etc. and other stupid policies that just serve to push up house prices even further.

It's all pretty depressing, and makes one despair somewhat of democracy.