Europe saving only the banks

In order to receive the next instalment of its loan in March Greece must contribute to its recovery by cutting around 3.3 billion euros in spending. The left-liberal daily Ta Nea explains why Europe's leaders are still insisting on tough austerity programmes for debt-stricken states: "The reason lies in a dirty secret: the fact of the matter is that the bailout packages are not really intended for the states, but for the banks. They won't save people but bankers. The economic and political elite can't admit this because the taxpayers, the workers and the pensioners who foot the bill would revolt. The elite prefers to maintain the illusion of success so that it doesn't have to suffer the pain - as Sigmund Freud once wrote. In this way it is simply postponing the inevitable collision with reality for later."

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