Quote Originally Posted by thriftyandboringinohio View Post
One point Hudson makes is that the large banks offered loans to Greece knowing good and well they could never repay them.
The banks were counting on EU bailouts combined with strip mining Greece's public assets to make a good profit eventually.
He argues that such banking practices give the borrower good reason to refuse full payment.
Not a complicated scam. Lend at a higher rate and find the patsie to bail them out.
Most bail outs are aimed at bailing out creditors as most in this forum probably already know.