WTF!2 It's all Greek to me.

 

Hello there Gentle Reader. I, like most of you I imagine, have been following the Greek credit crisis with a distinct sense of perplexity. Its been this way then that way but what I really want is for someone to actually explain to me how the European Union, the European Central Bank and IMF etc came to see a country like Greece as the pariah that it has been painted in the media.

Yes the Greek government is partly to blame but surely the banks and financial institutions must shoulder the responsibility of allowing such reckless spending.

As you know I live in Latvia. Latvia is one of the smallest and poorest countries of the EU and would benefit greatly from more assistance from the EU and ECB. Latvia could benefit from increased funding for infrastructure and other projects. The financial crisis of 2008 is still beig felt here as it is everywhere else but the Latvian people tightened their belts and suffered austerity because they knew that hopefully they would benefit later.

True to form, businesses and money is coming into Latvia but how long will it take for the Austerity to end.

Greece need to pay back approximately $370 billion to the ECB. That's a lot of tourists drinking a lot of Ouzo.

And remember Gentle Reader that the people who are suffering are not the politicians or monied elite but the hard working, if they even have a job that is, Greek people.

Paying money back after a bail out is natural and important. It is we the tax payers of the world  who finance these bail outs after all. But why does Greece deserve such special attention when their are other organizations that are just as guilty?

The answer Gentle reader is POLITICS. Cheap, nasty and distasteful politics. Angela Merkal et al act like its their money they have loaned. Its not!  The money came from ordinary people like you and me.

Alexis Tsipras has been accused by the right leaning governments that dominate Western Europe of being a Communist so its not unusual that they are going after his country while some bastions of Capitalist society have almost been forgiven their bail outs.

For example: Greece needs to repay $370 billion

here is a list of some other bail outs

Citigroup: $2513 trillion

Morgan Stanley $2013 trillion

Merrill Lynch  $1949 trillion

Bank of America $1343 trillion

Barclays $868 billion

Bear Sterns $853 billion

Goldman Sachs $813 billion

Royal Bank of Scotland $541 billion

JP Morgan Chase $391 billion.

All the companies and corporations above owe more than Greece. Does it seem fair that a country and its people should suffer while these corporations thrive?

#greece #bailout #alexistsipras #EU #ECB #IMF #justnotfair