Not the Greeks, But Their Creditors Get Bailed Out | The Big Picture – Ritholtz
June 30, 2011
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Whenever you hear a Bailout being discussed, look to see who it is that is actually being bailed out. It is not the Greek people or even the Greek government — rather, it is the creditors of Greece. These are the banks mostly in Europe, primarily in Germany and France, but also includes Japan, China and the US.
Thus, it is no surprise that Greek people are rioting and the banks are rallying. They are the beneficiaries of the Greek austerity, of the EU’s largesse, of the various rescue.
Greece has all sorts of problems, from their tax base to their economy. But the Greek people are savvy enough to know when they are being raped and pillaged. The media may not get it AT ALL, but the ones who seem to know the score are the rioters in the streets of Athens, Thessaloniki and Syntagma Square.
via Not the Greeks, But Their Creditors Get Bailed Out | The Big Picture.