No NO!! He's got it all WRONG!! If I am a creditor, that means I'm a SOPHISTICATED INVESTOR, which means I should be GUARANTEED REPAYMENT. Even when I loan oodles of money to a country known for using fake grass swimming pool tarps to hide the pools from tax assessors in helicopters, I am loaning them all that money SOPHISTICATEDLY! Therefore it was a SMART, SOPHISTICATED decision, for which I am due full repayment, with interest..... And a big bonus.
I think they are doing that - if you replace "citizens" with "banks". Or, they could just let those who made stupid decisions in lending money eat their losses. But that might be too "Capitalistic" an idea to fly....