Stolen from our pockets

Dr Richard North
"What this means is that we borrow money off the market – for which we pay interest - to lend to the IMF. But what may have been missed from the earlier post is that the bailout funds are to be used, inter alia, to buy up Greek debt – from a nation that intends to default.

Thus, in reality, we are buying up debt with borrowed money, to give to an organisation which will lend it to a "client" (or clients) that will never repay it. In effect, that makes this money a £9 billion "gift" from British taxpayers. It will be given to the financiers (mainly banks) who lent money to the Greek government, to help them cut their losses."