That's an interesting take on it. I'm personally of the opinion that banks who give ridiculous loans should be stuffed when the borrower fails.
Ultimately I think it's part of a master plan to force the financial integration of the EU into a US-style superstate, where every taxpayer in Europe has to underwrite bad loans.
The EU is now, IMO, a failed experiment. It could have worked if it was between nations with similar economic strengths and living costs (e.g. Britain, France and Germany etc.) but by trying to lump everybody together in it, it has failed, and will continue to fail even more diabolically as extra states are added.