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However, the political pain has been felt not only on the debtors' side of the bailout equation.
The Dutch government has been among the strongest advocates of austerity for Greece and other bailed-out countries throughout the crisis and Thursday's figures triggered a certain amount of glee on the debtors' side of the eurozone.
"Time was on the debtors' side," said Eko S. Budianto, a former deputy chairman at the agency in charge of recovering debts who now leads a local finance company.
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To a lesser extent you're going to hear that on the debtor side as well.
"If you represent the lender, your client is tiresomely saying things to you like, 'Why don't they just pay us the money back?' When you're on the debtor side, you can say, 'If you want to get it back, why did you give it to us?'" These conversations, he says, reveal a lot about a country (or, in the case of the eurozone, a whole region).
Executives of companies that tolerate unsafe, fraudulent and predatory practices must be punished, and on the flip side debtors prisons must be abolished.
It is a question to which the creditors are parties on one side, and the debtors on the other.
The equity courts intervened on the side of the debtor.
The Austrian chancellor, Werner Faymann, who has been on the German side of the creditor-debtor argument for the past 18 months, was also critical of Berlin.
Bankruptcy protection and debtors' prison do fall, roughly, on either side of a chronological divide, between a market economy and a moral one.
The secured debtors clearly had the law on their side, but they could not withstand the threats and accusations that the administration brought to bear against them.
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CEO of Professional Science Editing for Scientists @ prosciediting.com