I'm not sure that's a fair assessment.
OK we don't contribute as much as others or loan out so much money to others. But then, we've said all along it's a bad project with potentially bad consequences. Germany, on the other hand, have been a driving force in getting this club going, pretending not to notice that some people joining the club had blatantly lied on the application form. The drive for membership of their club was more important than the quality of the applicants.
If I was setting up a private members drinking club, in the short term allowing known piss heads to join and run up a tab might look clever. But there has to be a reckoning day. Do you blame the drunk when a few years in to 'cheap' booze on the slate they mention they can't pay?
Now, a club we didn't want to join as it looked like trouble, is in serious trouble.
I think we've been remarkably restrained on the smug front.