the disaster can be subsumed under one small sentence. The problems are there because of the monopolies of states. In this case the monopoly of currencies. The FED , ECB etc, do just get their position because the state sanctioned it. It's very easy...
Not all debts are born equal. And even those being born equal may change over time. You can bet it's another round about Greece. So yes Greece has emitted bonds. (so for so bad). Now it's getting a bit crazy. During 2010 these bonds were accepted...