What a surprise. EU bailouts primarily benefit big banks who knowingly made dicey loans and bought garbage bonds. They get bailed out. Little if any of the money helps economies of the supposedly bailed-out countries. If this was actual capitalism, not socialism for the rich, the banks would have taken huge write-downs on the bonds. But no, instead they get bailed out. We are looking at a nearly totally corrupted system. The same thing happens in the U.S. too.
In his 2013 documentary “The Secret Bank Bailout,” German investigative journalist Harald Schumann documents how the peoples of Ireland, Cyprus and Spain were not bailed out. The biggest recipients of the Irish bailout that saved Anglo-Irish Bank were British, French and German banks, including Union Investment Privatfonds, Rothschild et Compagnie Gestion, and Deutsche Bank.
German and French banks accounted for 50 out of the 80 bondholders. Without the clandestine bailouts these banks received, they would have almost certainly gone under.
Meanwhile, Greek banks, which aren’t being bailed out in any significant way, are collapsing. Bankster vultures await the carnage, hoping to buy banks and national assets for pennies. None of this helps the people of Greece. It only helps EU big banks.
“Complete annihilation:” A Greek banker’s verdict on last week’s market meltdown