What’s insane is not that Greece did it the way they did but rather that their creditors accept that as having made a payment. The alternative however is that they’d have to admit that Greece is insolvent, and that in turn entails them recognizing the bad loans on their books. Something I read a few years back during the worst of the foreclosure mess was that the big banks were selling loans that were in arrears to their subsidiaries so as to avoid recognizing the bad debt. It is no longer in arrears to them after they sell it, and then when it is reaching the point of having to recognize it as bad debt at the subsidiary, then it gets sold back to the parent bank to start the counting all over again. And the regulators let them play these games, otherwise known as cooking the books.