It was a frank admission, and it came at the end of a report by Der Spiegel, which tried to portray the growing political opposition to the eurozone bailouts as a sign of “egoism.”
Peter Böfinger, an economic advisor to the German government, said that the Berlin should come clean about the fact that the billions in eurozone bailouts are going primarily to German banks.
“[The bailouts] are first and foremost not about the problem countries but about our own banks, which hold high amounts of credit there,” he said.
Well, Peter, I do think more many people in Germany realise that Deutsche Bank and co are making record profits because of the money it is sucking out of the tax payers of Greece and Germany.
But I don’t think it is going to be of much cheer up to Germans already fed up with having to hand over their money to Deutsche Bank and co via national bailouts to find out that the rest is going to Deutsche Bank and co via international eurozone bailouts that violate the Lisbon Treaty.