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German Banks Pocket €1.34bn From Greek Tragedy

German Banks Pocket From Greek Tragedy

The Greek fiscal crisis of recent years has been well documented, but what is perhaps not equally well documented is the sickening profit central banks across Europe are making on the back of the Mediterranean nation’s misery.

In particular, German financiers are raking in huge profits due to them being Athens’ largest creditor. The German State Development Bank (Kreditanstalt für Wiederaufbau (KfW)) alone has made a massive €393m in interest payments since 2010, according to the Süddeutsche Zeitung.

Other German banks, as well as many other central banks across Europe, are also benefiting from Greece’s credit crisis.

The European Central Bank’s bond purchasing programme launched in 2012 to help countries like Greece is proving lucrative. The interest payments received are distributed across the central banks of Europe by the ECB, the continent’s money suppliers.

In the last 2 years, German banks alone have profited to the tune of €1.34bn in interest payments from Greek interest repayments.

But the bankers’ party doesn’t end there; the financiers of Europe recently agreed a fresh €8.5bn ‘bailout’ fund for Greece, for which the Greek people will undoubtedly pay a sincerely steep price in the typically usurious spirit.

Greece’s debt to GDP ratio was 177.4% as of 2015, with the country owing a massive €323bn to the various profiteers of Europe at that time.

The result has been tragic. Greek unemployment currently stands at 23.1%, the highest of any Eurozone country, whilst youth unemployment in the country stands at a massive 45.5%, also the highest in the Eurozone.

Since 2010, Greece has been forced to live under austerity measures demanded by their international creditors, against the democratic wishes of the Greek people of course.

The result in these measures? A 35% increase in the rate of suicides per capita!

This totally destroys this myth of ‘European solidarity’ that the Merkel regime and its allies attempt to conjure, as they’re happy to throw their so-called friends to the dogs at the whims of a small clique of shameless bankers.

In 2015, the Greek people elected radical socialist party SYRIZA in a legislative election, but of course the party hasn’t been allowed to actually implement any of its economic reforms.

The government in Athens is merely a show parliament, simply enacting the decisions of the financiers who really run the country.

Bankers have this ability to portray themselves as impartial, but how can one who is profiting millions as a result of Greece’s problem be in any position to help her out of that problem?

Perhaps the proverbial penny will begin to drop in Athens, when they start to realise that Greece’s debt problems are lining the pockets of the very people promising to get them out of it.

 

 

 

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