Formal German Central Bank Head Pöhl:
It [Greek Bailout] was about protecting German banks, but especially the French banks, from debt write offs. On the day that the rescue package was agreed on, shares of French banks rose by up to 24 percent. Looking at that, you can see what this was really about — namely, rescuing the banks and the rich Greeks.
Continue reading Bailout Plan Is All About ‘Rescuing Banks and Rich Greeks’