The bailout money is Tax Payers money. The EU Leaders want Greece to take this money so they can use it to pay the Banks. The Banks losses are then converted to Tax Payers losses.
A comment made by fullsteamahead on the Telegraph website.
The banks have either been the victims of fraud of other banks or they have simply mis judged. Either way the banks have made a bad bet. They have invested in Greek bonds and the investement has gone bad. It happens. This is why they get interest, it is always a risk.
The EU bail out is nothing more than the banks trying to offload their bad debts onto the Greek and EU taxpayer. Nothing more, nothing less.
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