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And some politicians have pointed out that many of the banks involved have taken federal 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.
In fact, Greece's international creditors have made revamping its notoriously lax tax system a primary condition for any additional bailout financing.
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.
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.
Similar(44)
The bigger winners, though, were hedge funds, which pocketed higher profits than many had expected, in yet another Greek bailout financed by European taxpayers.
Banking crises recurred throughout the period, notably the Barings bank crisis in London in 1890 (which prompted a bailout financed by the Rothschilds that was much like the recent private-sector rescue of the Long-Term Capital Management hedge fund).
Default would have contributed to more bank failures and more "bailouts" financed with public funds.
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.
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