This could be, in the longer run, fairly amusing to watch. The Germans can take a page from the Obama TARP book, and when the Greeks have trouble paying off the big bailout (you think they won't?), the Greek Prime Minister may find a couple of VERY influential advisers on his cabinet, just like G.M.
Of course it's also worth noting that the German loan is being backed by the U.S. which currently finds itself awash in money. While the Greeks may get foreclosed on by the Germans, Mrs. Merkel may find she has some new advisers in her cabinet, fresh from Chicago, but unfortunately not from the famous university. Take their advice, and avoid the concrete overshoes at the bottom of the Rhine.
One badly timed and placed bankruptcy, and the Chicago mob winds up owning Europe!