Greece Bailout Money Went To The Banks
- 5 years ago
Only a small fraction of the €240bn (£170bn) total bailout money Greece received in 2010 and 2012 found its way into the government’s coffers to soften the blow of the 2008 financial crash and fund reform programmes.
Most of the money went to the banks that lent Greece funds before the crash.
Unlike most of Europe, which ran up large budget deficits to protect pensioners and welfare recipients, Athens was then forced to dramatically reduce its deficit by squeezing pensions and cutting the minimum wage.
Full story: http://www.theguardian.com/world/2015/jun/29/where-did-the-greek-bailout-money-go
Most of the money went to the banks that lent Greece funds before the crash.
Unlike most of Europe, which ran up large budget deficits to protect pensioners and welfare recipients, Athens was then forced to dramatically reduce its deficit by squeezing pensions and cutting the minimum wage.
Full story: http://www.theguardian.com/world/2015/jun/29/where-did-the-greek-bailout-money-go