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Because they reckon that they can delay it until 2013, which is estimated as the date when the German banks will have more or less managed to pass their losses to the public (by selling rotten assets at nominal value, mostly).

At least that's been my understanding so far. On top of that indeed, there may be lack of full rationality, or rather of proper evaluation of the situation.
Plus, maybe (I know, that's a long shot) some apologists for neo-liberalism actually believe in their crap.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Fri May 20th, 2011 at 05:10:20 AM EST
[ Parent ]
Wow, so they are gamblers no better than the folks sitting at tables in Atlantic City, NJ.

The idea that back in early 2010, they could foresee that the Greek people (and Germans and Finns etc.) would be committed to this program into 2013, that's quite a gamble.

by Upstate NY on Fri May 20th, 2011 at 09:38:06 AM EST
[ Parent ]
If they were underwater in 2010, they would lose nothing by making that bet. You can only go bankrupt once - there is no such thing as "double-plus insolvent."

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri May 20th, 2011 at 12:34:26 PM EST
[ Parent ]
IfSince they were underwater in 2010, they would lose nothing by making that bet.

Fixed it for you.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Fri May 20th, 2011 at 02:45:43 PM EST
[ Parent ]
They could have always nationalized the banks.
by Upstate NY on Fri May 20th, 2011 at 04:00:12 PM EST
[ Parent ]
From the point of view of upper-echelon bank management, bankruptcy and nationalisation come to the same thing: They go out on their asses, because they're incompetent dickweeds.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri May 20th, 2011 at 06:34:48 PM EST
[ Parent ]

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