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Europe, Greece

The Great Bank Robbery

The bankers have taken the money and run.

The new Greek debt restructuring deal is the biggest bank robbery ever – a huge theft of ordinary citizens’ money and a giant mortgage on our future.  And yet Greece still burns.

Here are the top lines of a really simple Bloomberg analysis of it:

‘When all IMF and EU loans promised to Greece are disbursed, 66 percent to 75 percent of the country’s debt will be held by the public.

‘In 2010, before the first bailout and before the European Central Bank started buying its bonds, Greece had about 310 billion euros of debt, all held by the private sector.

If Greece has to restructure again, or defaults, taxpayers will be on the hook.

“The swap doesn’t achieve debt sustainability for Greece,” said Nicola Mai, an economist at JPMorgan Chase & Co. in London. “Debt relief going forward will have to come from the public sector.”’

Read the Bloomberg article here

About revoltingeurope

Writer on Europe's Left, trade union and social movements @tomgilltweets or email revolting.europe@gmail.com

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