The first bailout was purely to transfer Greece's debt from the European banks that held the debt to the ECB, i.e. European Taxpayers.
Greece's problems had the potential to create a Europe wide banking crisis, which despite some anarchists craving, would have utterly brought Europe to its knees without ECB liquidity.
A swindle of the highest order; one that most EU citizens had and still have no idea about.
Despite some intellectual masturbating over the possibility, there is zero chance that Russia, even if it had the money, is going to get involved here. Switching debtors from the EU to Russia isn't a great idea; I'd rather owe money to Mario et al than Mr Putin! Plus, 70% of Greeks want to stay in the Euro.
The fact remains that at the end of the day two economies as different as Greece and Germany cannot exist in currency union. It is impossible. Always has been. Always will be.
I expect the ECB (Germany) to kick the can down the road here again, maybe with a haircut just big enough to both satisfy the Greeks and not send the other PIIGS into revolt; the repayment terms will probably be extended by 50 years or so.
The Greeks have more power here than they realise.
Interesting letter to The German People by Alex:
http://www.zerohedge.com/news/2015-01-29...out-greece
Greece's problems had the potential to create a Europe wide banking crisis, which despite some anarchists craving, would have utterly brought Europe to its knees without ECB liquidity.
A swindle of the highest order; one that most EU citizens had and still have no idea about.
Despite some intellectual masturbating over the possibility, there is zero chance that Russia, even if it had the money, is going to get involved here. Switching debtors from the EU to Russia isn't a great idea; I'd rather owe money to Mario et al than Mr Putin! Plus, 70% of Greeks want to stay in the Euro.
The fact remains that at the end of the day two economies as different as Greece and Germany cannot exist in currency union. It is impossible. Always has been. Always will be.
I expect the ECB (Germany) to kick the can down the road here again, maybe with a haircut just big enough to both satisfy the Greeks and not send the other PIIGS into revolt; the repayment terms will probably be extended by 50 years or so.
The Greeks have more power here than they realise.
Interesting letter to The German People by Alex:
http://www.zerohedge.com/news/2015-01-29...out-greece