March 29, 2024

News Cymru

Two sides to every headline

Reading newspaper websites it seems like a lot of Germans and British have a superior attitude to Greece. Like they are being forced to bail them out.

I have news for any British and German people who think that they are giving their tax money to prop up Greek government.

Greek taxpayers are actually propping up British and German governments.

Let me get straight to the point.

Greek banks have made bad loans to the Greek government.

British banks and German banks have made bad loans to Greek banks

British banks and German banks have bought toxic assets from Greek banks

British and German banks have loaned the Greek government money

Greek taxpayers are now having to pay crippling short term taxes to prop up the Greek government who is in no position to be able to honour the loans to their lenders which includes Greek, German and British banks.

And in the news we here about “contagion”, the final piece of the puzzle.

When you see Greeks in the street protesting, they are protesting at having to bail out British and German governments just as much as they are protesting against the taxes themselves.

Let me summarise the responsibilities that the Greek government has passed on to the Greek taxpayer.

1. The Greek taxpayer is being asked to pay the Greek govenrment’s loan repayments to Greek banks

2. The Greek taxpayer is being asked to pay the Greek government’s loan repayments to German and British banks

3. The Greek taxpayer is be asked to keep the toxic assets sold by Greek banks liquid

4. The Greek taxpayer is being asked to pay the Greek banks loan repayments to German and British banks

Make no mistake, the Greek taxpayer is the one at the thin end of the wedge and it is the Greek taxpayer that is having the burden of having to support, British banks, German banks, Greek banks and the Greek government.

So the next time you think about having a go at those lazy Greek taxpayers just remember who is supposedely keeping your financial system afloat.

As always, your comments are welcome.

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