Greek Bailout is Actually a Bank Bailout

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This article suggests that the European plan for dealing with the Greek crisis is primarily a plan for rescuing European banks that are at risk for the Greek sovereign debt. The banks will have to write down a share of the debt that is much smaller than their actual losses, which are reflected in the current market value of the bonds that they hold. Moreover, the remaining debt, held by the banks, is being guaranteed by the taxpayer. Its a big win for the banks, and a big loss for the taxpayer, since future losses are almost certain.