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The bigger winners, though, were hedge funds, which pocketed higher profits than many had expected, in yet another Greek bailout financed by European taxpayers.
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It is perverse, of course, to reward big banks' mistakes with bailouts financed by beleaguered taxpayers.
Greece's banks, stripped of euros to meet international obligations and cut off from international capital markets, would probably collapse, requiring bailouts financed by the European Union.
After five years of bailouts financed largely by European taxpayers, wealthy European nations have decreed that when a bank or country goes broke, bond investors and perhaps even bank depositors will pay a significant portion of the bill.
And some politicians have pointed out that many of the banks involved have taken federal bailout financing.
In fact, Greece's international creditors have made revamping its notoriously lax tax system a primary condition for any additional bailout financing.
The IMF believes Greece will need another €5.6 billion of bailout financing before it resumes regular borrowing on international capital markets in 2016 according to the current plan.
ATHENS — Officials with the European Union and the International Monetary Fund recommended on Friday that Greece receive its fourth round of bailout financing.
Financial stocks were down slightly as news spread that GMAC Financial Services was seeking a third round of bailout financing from the United States government.
DETROIT — GMAC Financial Services, the former lending arm of General Motors, replaced its chief executive on Monday as it negotiates for another round of bailout financing from the federal government.
But with the bulk of Greece's bailout financing going to repay banks rather than stimulate the economy, that narrative may ring more true for German voters than Greek ones.
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