By Barry Ritholtz, The Big Picture
Excerpt:
What they did not invent was Tragedy, but they are certainly embracing it today.
In that way, the Greeks are not so different than you or I. We Americans socialized the losses of our banks, while being so dumb as to leave the profits privatized. (The worst of both worlds!). Or the Irish, for that matter, who like us and the Greeks, were foolish enough to assume the bad debts of their reckless bankers.
Whenever you hear a Bailout being discussed, look to see who it is that is actually being bailed out. It is not the Greek people or even the Greek government — rather, it is the creditors of Greece. These are the banks mostly in Europe, primarily in Germany and France, but also includes Japan, China and the US.
Thus, it is no surprise that Greek people are rioting and the banks are rallying. They are the beneficiaries of the Greek austerity, of the EU’s largesse, of the various rescue.
Full article: Not the Greeks, But Their Creditors Get Bailed Out | The Big Picture.
