''Eurozone banks rip-off ‘real’ sector to tune of trillions of euro''

From New Europe

"Key analysts are blaming the major Eurozone banks, mainly in France and Germany, for dragging their heels in preparing to face up to the Greek default, which was not ultimately avoided.

It came on 9 March, after the banks had passed the larger part of their Greek debt portfolio into official hands, namely the European Central Bank (ECB) and the Eurozone’s national central banks.

So, the Greek debt rearrangement was pushed back in time and will cost much more for taxpayers than if it had been completed one or two years ago, more precisely at the beginning of 2010, when Greece first told all its creditors that it could not repay its debts."

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