onsdag 22 februari 2012

Greek bailout not the rescue it seems

Why is this called a Greek bailout when in fact its a handout to the foregin banks?

To start with, the bailout is not for Greece, but for German, French and other foreign banks who willfully abandoned due diligence to buy more Greek debt than any financial analyst would have thought the country could sustain.

The 130 billion euros ($171.9 billion) in aid agreed to by Europe’s finance ministers in their marathon session will go into a managed account to make sure it goes directly to Greece’s creditors when their bonds fall due.
MarketWatch’s full coverage of the Greek deal.

The agreement was made possible when the Greek Parliament a week earlier approved a package of draconian austerity measures, which they, as well as the European finance ministers who insisted on it, know they will never be able to deliver.


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