Michael Roberts: Beware the ECB bearing gifts for Greeks

In 2012 the ECB purchased massive amounts of Greek bonds from German and French banks to save them from going under, they having recklessly purchased these bonds. Greece has continued to pay interest on these, in the meantime 7,8 billion Euros. Instead of giving this money back to Greece, the ECB will be distributing it to the other Euro nations. This is absurd, as a nation like Germany has already enjoyed profits of at least 100 billion Euros thanks to the weak Euro driving German exports, as well as the very low (sometimes even negative) interest rates on its Bunds, both  thanks to the Greek crisis – not to mention what a bailout of the irresponsible German banks in 2012 would have cost.

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