And one of the big causes of the great crash of 2007-8 is that over 30 years - due in part to appalling regulation - banks were allowed to reduce their capital reserves to a tiny fraction of their massive loans and investments.
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The sadness being that while such policies would most certainly reduce poverty they would not move the poverty rate by one single fraction of a percentage point.
In theory this policy of buying and cancelling some of the debt would reduce Greece's indebtedness, because the market price of its bonds is afraction of the amount originally borrowed: if the EFSF paid 50m euros for Greek bonds with a face value of 100m euros, and agreed that Greece should have an obligation to replay only the 50m euros, that would reduce Greece's indebtedness by 50m euros.