„But the bankers are not the only ones. There must be repercussions for the European Union bureaucrats and politicians who…”

Bloomberg took a look at statistics from the Bank for International Settlements, and worked out that German banks loaned out a staggering $704 billion to Greece, Ireland, Italy, Portugal, and Spain before December 2009. Two of Germany’s largest private banks—Commerzbank and Deutsche Bank—loaned $201 billion to Greece, Ireland, Italy, Portugal, and Spain, according to numbers compiled by BusinessInsider. And BNP Paribas and Crédit Agricole of France loaned $477 billion to Greece, Ireland, Italy, Portugal, and Spain.

There is a very good parallel to this situation of cheap and easy money in the recent sub-prime mortgage crisis in the U.S.
(…)
What happened after the creation of the Euro was very similar. The Greek government is in debt today to Germany and France not just because they borrowed money for unwise projects, but also because the bankers pushed them to take money that they would never have been able to approved under normal circumstances.

But as Stiglitz has noted, these German and French banks have now been rescued.
(…)
EuroZone Profiteers: How German and French Banks Helped Bankrupt Greece
Pratap Chatterjee


ps.
zob. też: Phillip Inman „Where did the Greek bailout money go?

4 thoughts on “„But the bankers are not the only ones. There must be repercussions for the European Union bureaucrats and politicians who…”

  1. fieloryb

    Czy ja dobrze rozumiem – pożyczyli kasę, której i tak nie mieli (=kreacja długu na podstawie częściowego zabezpieczenia w lokatach)? Wobec tego problem jest IMHO czysto księgowy. A nawet raczej wirtualny.

    1. makowski Post author

      no, nie wiem: oddawanie = jest realne…
      ps.

      Jednak w dłuższej perspektywie, „Grexit” przyniósłby Unii Europejskiej korzyść stabilizacyjną, bo opuszczenie eurolandu przez jego najsłabsze ogniwo mogłoby skonsolidować ją wewnętrznie i przyspieszyć budowanie unii bankowej – stwierdziła dr […]

      wyrzucić Wszystkich (najsłabsze ogniwa to Ludzie), zostawić tylko Banki.