Greeks Resist Public Bank Bailout

Timothy Garton Ash spells out what is at the core of the violence we are seeing in Greece, Ireland and other European countries. Again, language plays a role here. “Public bank bailout” is almost NEVER referred to on CNN or mainstream media. Rather it is described as “austerity measures.” Published today at ekathimierini.com, “The end of Europe as we know it” by Petros Papaconstantinou:

For his part, Timothy Garton Ash wrote in the Guardian on June 15: “It’s not just Greece. In Ireland, Portugal and Spain the anger is boiling over, as people feel that the young, the poor and the unemployed are being forced to pay for the selfish improvidence of their politicians — and of French and German bankers.”

Bold emphasis is mine. The same is true for us here in the U.S., since our banks actually started this financial crisis – now rippling through the global economy.

NET – Pushing bank losses from unethical sub prime mortgage loans and investments onto the public should not be tolerated by people anywhere. Why are we tolerating it here in the U.S.? Because, unlike Greece, we haven’t experienced, or don’t understand, the costs of paying for it . . . yet.

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