...Western European private banks used the money they received at very low rates from the ECB, the Bank of England, the US Federal Reserve and the US money market funds in order to increase their loans to countries such as Greece without taking risk into consideration. Private banks thus bear a heavy responsibility for the crushing debts of Greece. Greek private banks also loaned huge amounts to public authorities and to the private sector. They too have a significant responsibility in the present situation. Consequently the debts claimed from Greece by foreign and Greek banks as a result of their irresponsible policy should be considered illegitimate.I don't know if you can follow all the financial tricks that European banks use to enrich themselves, but it is clear to me that the European Union and its institutions were designed for the welfare of the private banks and their owners, the capitalist ruling classes, and not for the benefit of the vast majority.
I will continue to run all seven parts of the author's articles to shed some light on the dire debt situation that the private banks have laid upon Europe's working people. It is a situation that is still developing, and many think that it will deteriorate into a much deeper crisis.
