Joseph Stiglitz, former chief economist of the World Bank and a Nobel Prize winner in economics, wrote in the Guardian newspaper today. “It has gone to pay out private-sector creditors – including German and French banks.”
A recent CorpWatch report - The EuroZone Profiteers - can help shed further light on this matter. While it’s true that corrupt Greek politicians borrowed billions for shaky government schemes from these banks, there was a very good reason that the financiers made these rash loans: they were under pressure from European Union bureaucrats to compete in a global marketplace with U.K. and U.S. banks....CorpWatch
EuroZone Profiteers: How German and French Banks Helped Bankrupt Greece
Pratap Chatterjee, CorpWatch Blog
ht Don Quijones at Raging Bull-Shit
1 comment:
"Greek politicians borrowed billions for shaky government schemes from these banks,"
That is like saying US Primary Dealers are lending USDs to the US Treasury.... ie absurd....
How did these "German and French banks" get bailed out of "bad loans" ?????
They bought the original issue Greek govt bonds and then dealt them to the institutions in exchange for reserves... who cares????
What is a "shaky government scheme"???? Nutrition assistance programs for low income Greek citizens??? Govt pension payments???? Public healthcare provision to Greek citizens??? Education subsidies????
Yeah that really sounds like "shaky government schemes".... LOL!!!!
Whose side is this moron on ?????
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