Im not sure the "do nothing" approach would work here. What would happen with the hugely exposed German banks and Germany's huge trade surpluses if Greece and then others are left to bankrupt? Rethorical question.
Nailed it. This is as much of a bailout for the German and French banks as it is for Greece.
People still can't get their head around the simple notion that Germany acts in self-interest in international financial matters just as every other nation does.