Bank bailouts are objectionable enough, but in Greece, non-Greek taxpayer money is being used to bail out banks that are failing not because of bad investment decisions, but because of outright criminal embezzlement. And not the “dodgy accountant” sort of embezzlement either — bombs are going off. The estimable Richard North has the full story for you. Given that the president has said that the U.S. stands ready to do its part in saving the European political establishment, your money might soon be in the hands of Greek gangsters. Makes a change from Mexican gangsters, I suppose.
by Iain Murray