Greece never defaulted on their loans. The loans never have to be written down as losses. The loans were continued and the terms of the interest and payment were changed and adjusted.
"Although national monetary events may appear mysterious and chaotic they are governed by well-established rules with bankers and politicians rigidly follow. The central fact to understanding these events is that all the money in the banking system has been created out of nothing through the process of making loans. A default alone therefore costs the bank little of tangible value but it shows up on the ledger as a reduction in assets without a corresponding reduction in liabilities. If the bad loans exceeds the size of the assets the bank becomes technically insolvent and must close its doors.
The first rule of survival therefore is to avoid writing off large bad loans and if possible to at least continue receiving interest payments on them. To accomplish that the endangered loans are rolled over and increased in size. This provides the borrower with money to continue paying interest plus fresh funds for new spending. The basic problem is not solved but it is postponed for little while and made worse.
The final solution on behalf of the banking cartel is to have the federal government guarantee payment of the loan should the borrower default in the future. This is accomplished by convincing Congress that not to do so would result in great damage to the economy and hardship for the people. From that point forward the burden of the loan is removed from the banks ledger and transfered to the taxpayer. Should this effort fail and the bank be forced into solvency the last resort is to use the FDIC to pay off the depositors.
The FDIC is not insurance because the presence of moral hazard makes the thing that supposedly protects against more likely to happen. A portion of the FDIC funds are derived from assessments against the banks. Ultimately however they're paid by the depositors themselves. When these funds run out, the balance is provided by the Federal Reserve system in the form of freshly created new money. This Floods through economy causing the appearance of rising prices but which in reality is the lowering of the value of the dollar. The final cost of the Bailout, therefore, is passed to the public in the form of a hidden tax called inflation.