Photo credit: @julesdwit.
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Felix Salmon, finance blogger for Reuters, talks about the agreement, reached overnight, to resolve the Greek debt crisis.
It is not the banks bailing out the governments but the other way around. See the rise in the European banks' stock prices today. In return to writing off 50% of the debt, the EU will provide Greece with money to pay back the rest. The alternative could have been that the banks lose more if the EU governments did not provide the support.
Entities that take on risky investments (and receive mostly correspondingly high rewards) should pay the price when some investments go sour. It was their mistake. They should pay the price.
This just points to the corruption in Washington. We payed 100% on our pay off to Goldman Sachs. They should have taken a haircut and Tim Geithner should be FIRED!
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