Skip to main content

It's not a bailout for the Greeks at all

We are forever hearing and reading about how the Europeans have, and are again, seeking to bail the Greeks out of their debts crisis, etc.    Problem is the European banks are are doing no such thing.    What those banks have done is to ensure that they are being repaid whatever monies are owing to them - as as this piece "Greece Bailout Was for EU Banks: Study Confirms That Rescue Loans Didn’t Serve the Greek People" on truthdig details.

"A new study offers more confirmation that the so-called bailout packages the European Union (EU) and the International Monetary Fund (IMF) delivered to Greece primarily served European banks rather than the Greek people.

The study released Wednesday by the Berlin-based European School of Management and Technology (ESMT) analyzed where funds from the two aid bailout deals—received on the condition of imposing harsh austerity measures—since 2010 went.

“Contrary to widely held beliefs,” ESMT states, of the €215.9 billion (roughly $246 billion), less than 5 percent went to the Greek fiscal budget. The other 95 percent of the funds “disbursed to Greece since the start of the financial crisis as loans from the bailout mechanism has been directed toward saving the European banks,” Ekathimerini reports.

Reporting by the German business newspaper Handelsblatt adds, “The aid programs were badly designed by Greece’s lenders, the European Central Bank, the Europe Union and the International Monetary Fund. Their priority, the report says, was to save not the Greek people, but its banks and private creditors.”

“Most of the money was used to actually transfer risks from private creditors to public creditors,” ESMT President Jörg Rocholl told DW Wednesday. “This means money was used to repay the private creditors by taking on more debts that were taken by private creditors.”

The report’s findings echo the charge levied by other economists including Nobel Prize-winner Joseph Stiglitz and former Greek finance minister for the anti-austerity Syriza party, Yanis Varoufakis.

Speaking to Democracy Now! last week, Varoufakis said, “We had the largest loan in human history. The question is, what happened to that money? It wasn’t money for Greece. It was money for the banks.”

Comments

Popular posts from this blog

"Wake Up"

The message is loud and clear....and as you watch this, remember that it was on Israeli TV - not some anti-semitic or anti-Israel program somewhere in the world.


Sydney's unprecedented swelter.....due to climate change

It has been hot in Sydney, Australia.   Damn hot!.....and record-breaking.    So, because of climate change?  Yes, say the scientists.

"Southeastern Australia has suffered through a series of brutal heat waves over the past two months, with temperatures reaching a scorching 113 degrees Fahrenheit in some parts of the state of New South Wales.

“It was nothing short of awful,” said Sarah Perkins-Kirkpatrick, of the Climate Change Research Center at the University of New South Wales, in Sydney. “In Australia, we’re used to a little bit of heat. But this was at another level.”

So Dr. Perkins-Kirkpatrick, who studies climate extremes, did what comes naturally: She looked to see whether there was a link between the heat and human-driven climate change.

Her analysis, conducted with a loose-knit group of researchers called World Weather Attribution, was made public on Thursday. Their conclusion was that climate change made maximum temperatures like those seen in January and February at least…