91% of the Bailout Went to German Banks, says former Greek Finance Minister
Former Greek Finance Minister, Yanis Varoufakis, says 91% of the bailout money that was given to the Greek government during the country’s financial crisis which started in late 2009, has gone to the German and French banks.
The Progressive Press has been covering the Greek financial crisis since its inception. Here is our first report where the people of Greece told us what happened in their country, titled ‘Greeks Tell Their Story: What Really Happened?‘ The video attached to the article was obtained by the Progressive Press, exclusively to provide another version of the events from the Greek people’s point of view. It contains interviews with Greek Economists and other social scientists.
Democracy Now reports:
“Varoufakis responds to the German government’s claim that the majority of Germans oppose giving more money to Greece, and addresses the previous bailouts. “What happened to that money? It wasn’t money for Greece. It was money for the banks,” Varoufakis says. “The Greek people took on the largest loan in human history on behalf of German and French bankers.” He notes the conditions of the loan “guaranteed our national income would shrink by one-third. So it was impossible to repay that money.” He says he opposes taking additional funds until the country’s economy is more stable.”
Video Credit: Democracy Now YouTube Channel