So here’s something I didn’t know about the Greek financial crisis, apparently when Greece racked up all its debt the money was owed to private banks. Instead of letting the country default on the private debt (which happens sometimes), the publicly backed ECB and the IMF paid off the country’s loans and assumed the debt.  So in essence because stupid private banks lent too much money to Greece and didn’t do their homework, instead of losing on their investment the public institutions came in and bailed them out!

Ugh why aren’t more people upset that banks have a system in place where they can privatize their profits but socialize their losses?!?  This is like a bad reoccurring joke, when will people wake up to the reality of “capitalism”, god I hope Bernie Sanders wins the presidency in the US in 2016 so he can break up the big banks as they’re a major threat to world stability.

Stay strong Greece, more pain is coming but imposed austerity from others is not the answer.