Most of the large payouts were from the US Treasury, so nothing to do with Europe.
eer –selective memory footflapper- uk taxpayers, ie us had no choice did we-banks carry on as if nowt has happened –but of course its in all Their intersts for people to swallow that line –there is no alternative to the market, hogwash–its a con trick -banks breed off debt !
All I’m trying to say, ff, is: lets apply the same rules here as we did for the banks when they came to us, cap in hand.
https://en.wikipedia.org/wiki/Lehman_Brothers
We’ve (well the EU/Germany) done exactly the same this time. The debt was held by banks, the banks have the publics assets so weren’t allowed to fail, thus they were bailed out to protect the publics savings. Where the banks had no “high street” operations they weren’t bailed out. Greece hasn’t been able to afford it’s repayments for years hence all these bailouts which have effectively transferred the loans form banks to the ECB.
There is no easy way out for them, money can’t continue to be thrown into Greece, that’ll lead to inflation/devaluation of the Euro, if Greece collapses that’ll lead to inflation/devaluation of the Euro.
Presumably some clever fininacial wizard at the ECB has now worked out that even if Greece defaults it won’t completely ruin everything around it any more than continuing to print money to give them will do and the bailouts can stop.