The front page of Financial Times website had two intriguing little paragraphs:
European officials are insisting any new Greek bail-out programme specifically earmark funds to pay off remaining holders of Greek debt, giving lenders the freedom to withhold aid to Athens without risking a messy default that could reignite panic in financial markets.
Under a new Franco-German plan that senior European officials said is likely to be included in a new Greek rescue, eurozone officials would create an escrow account to accept new bail-out funding instead of paying it all directly to Athens as in the past.
Let's summarize: the EU are going to "give money" to the Greek governments, who will be forced to hold it in special secured deposits, in order to pay off Greek creditors. Who are the Greek creditors? European banks, of course.
Why go through the hassle of involving the Greeks? Why not just hand the cash over directly to the Banks?