"Last week another
installment of the cruel theatre of the absurd, also known as the ‘Greek
Rescue’ (and more recently re-released as ‘Greece’s success story’), was
delivered silently: Not for the first time, the bankrupt Greek state borrowed
from one arm of the Eurozone to give to another, with massive interest to boot.
To be precise, the Greek government borrowed €4.2 billion from the European
Stability Mechanism (ESM) in order to repay the… European Central Bank (ECB)
€5.6 billion, leaving the ECB with a profit of €2 billion plus from this
hideous transaction. Re-pay what exactly?"
