French and German banks were weakened due to their heavy investment in Greek debt.
According to the documentary titled “On the Trail of the Troika“, the euro states prevented Greece from going bankrupt [in 2010] in order to protect German and French banks. Those banks, research shows, were exposed to almost €40 billion in Greek debt and were afraid to lose the money.
Not only did Germany and France not allow Greece to declare bankruptcy, but also used their taxpayers’ money to finance the never ending Greek debt financial system.
Unfortunately for European taxpayers and also for the Greek people, billions of euros given to Greece did not actually get to the people, but to German and French banks that operated in Greece.
The documentary also reveals that Greeks were not allowed by the Troika to try to fix the problem for themselves, which in turn resulted in the systematic ruin of the country. The previous government accepted the conditions imposed by the Troika, which meant cutting funds for health care, education, pensions, salaries and other social programs.
The documentary shows how Greek businesses went bankrupt while bankers in Brussels, Berlin and Frankfurt knew from the very beginning that Greece would never be able to pay its debt.
The documentary “On the Trail of the Troika” interviewed guests such as Thomais Weiser, Giorgos Papandreou, Philippe Legrain, Paulo Nogueira Batista, Paul Krugman and the current Greek Minister of Finance, Yanis Varoufakis. […]
Read Eurozone didn’t allow Greece to bankrupt in 2010 in full
Interview with Yanis Varoufakis recorded in June 2014, excerpts of which were used in the “On the Trail of the Troika” documentary: