From today's Open Europe news summary (my emphasis):
Greece to start technical talks with creditors tomorrow amid criticism that too much time is being wasted
This is an object lesson in the difference between private loans and public loans. Private lenders risk their own money and require remedies for nonpayment that are enforceable in a court of law with practical means of collecting. In other words, private lenders make sure that courts will aid them in attaching and liquidating assets in order to satisfy unpaid loans. But public lenders are not lending their own money; nor do they ensure that they have collateral that can be liquidated for nonpayment. In effect, lenders of public funds buy unsecured bonds using other people's money from judgement proof creditors. Far from sovereign debt being credit of the highest quality, from a strictly financial standpoint, it is the worst when viewed from the ability of the creditor to collect. It appears that the new socialist Greek government has figured this out.