German MPs agree eurozone bailout boost

The German parliament has approved by an overwhelming majority a plan to boost the lending capacity of the eurozone bailout fund by EUR 440bn.
B92

I'm sick of Germans griping about having to fund bailout packages for Greece . And sicker of politicians and the media stoking the fires of self-righteous nationalism. For a start, the German taxpayer has as yet not paid a single euro. The funds are guarantees, intended to reassure private investors that eurozone states will not default. Even if push came to shove they'd be loans, not gifts outright.

Secondly, the European financial stability facility is a bailout of German banks, and of German investors, who held all sorts of "financial products" in which high-yield (because risky) Greek, Irish, and Portuguese,Italian,Spanish bonds play a large role.The breakdown of the German exposure to EU periphery is as follows.Greece 18 billion,Portugal 50 billion,Ireland 159 billion,Spain 225 billion and Italy 235 billion.All sums are in Euros.Therefore the German vote in favour of the EFSS was not about to save Greece but to save Germany and its banks.Greece is just the symptom of the criss.

I have said few times before the sovereign debt sums in Eurozone are simply UNPAYABLE.The hard working people of those countries are being made fools of by fast talking con-artists claiming to be owed money. They tell them that unless they pay the sky will fall in. And that if they have no cash, they will lend them some, or accept their public property instead, or they can work for nothing. And the political mafia and the media, and the academy, nod wisely and tell them that they have no choice but to cough up.

So where does that leave the people?
They have to choose between being bound to labour forever to pay a debt that grows more quickly than they can make their payments, or default.Within an utterly corrupt capitalist system, default is the only morally acceptable choice.

(Leonidas, 30 September 2011 16:00)

Bottom line.Some sneaky manipulators in Dohány street got rich at the cost of average hard working people

The fourth reich dressed in sheeps clothing. The greeks trying to outsmart the germans. Can you believe greek workers were being paid a bonus just to show up for work on time. If the greeks arent happy they should never have dodgied up the books to borrow what they cant afford.

Bottom line.Some sneaky manipulators in Dohány street got rich at the cost of average hard working people
(szemi, 30 September 2011 21:05)

Dead right.

The German parliament has approved by an overwhelming majority a plan to boost the lending capacity of the eurozone bailout fund by EUR 440bn.
B92

I'm sick of Germans griping about having to fund bailout packages for Greece . And sicker of politicians and the media stoking the fires of self-righteous nationalism. For a start, the German taxpayer has as yet not paid a single euro. The funds are guarantees, intended to reassure private investors that eurozone states will not default. Even if push came to shove they'd be loans, not gifts outright.

Secondly, the European financial stability facility is a bailout of German banks, and of German investors, who held all sorts of "financial products" in which high-yield (because risky) Greek, Irish, and Portuguese,Italian,Spanish bonds play a large role.The breakdown of the German exposure to EU periphery is as follows.Greece 18 billion,Portugal 50 billion,Ireland 159 billion,Spain 225 billion and Italy 235 billion.All sums are in Euros.Therefore the German vote in favour of the EFSS was not about to save Greece but to save Germany and its banks.Greece is just the symptom of the criss.

I have said few times before the sovereign debt sums in Eurozone are simply UNPAYABLE.The hard working people of those countries are being made fools of by fast talking con-artists claiming to be owed money. They tell them that unless they pay the sky will fall in. And that if they have no cash, they will lend them some, or accept their public property instead, or they can work for nothing. And the political mafia and the media, and the academy, nod wisely and tell them that they have no choice but to cough up.

So where does that leave the people?
They have to choose between being bound to labour forever to pay a debt that grows more quickly than they can make their payments, or default.Within an utterly corrupt capitalist system, default is the only morally acceptable choice.

The fourth reich dressed in sheeps clothing. The greeks trying to outsmart the germans. Can you believe greek workers were being paid a bonus just to show up for work on time. If the greeks arent happy they should never have dodgied up the books to borrow what they cant afford.

(Leonidas, 30 September 2011 16:00)

Bottom line.Some sneaky manipulators in Dohány street got rich at the cost of average hard working people

Bottom line.Some sneaky manipulators in Dohány street got rich at the cost of average hard working people
(szemi, 30 September 2011 21:05)

Dead right.