Greek Bailout Money Went To European Banks
In other and starker words, it may be seen not as a rescue of Greece, which will have to undergo a wrenching adjustment, but as a bailout of Greece’s private debt holders, mainly European financial institutions,” said Brazil’s IMF executive director Nogueira Batista at a board meeting on May 9, 2010.
Directors from Brazil, Russia, Canada, Australia – representing 38 additional countries – worried about the “immense risks” of the program, the WSJ reports.
However, approval from US and most European directors mean accounted for more than half of the IMF’s voting shares and paved the way for the first Greek bailout, worth 110 billion euros, to be signed.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_08/10/2013_522078
How nice of the IMF to volunteer the US taxpayers to fund 17.1 percent of the Greek bailout, which actually went to paying interest on losing Hedge Funds.
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