A new financial crisis is looming – and we’ve scarcely started paying for the last one yet! 50 billion euros in Greece, 70 billion euros in Ireland, 40 billion euros in Spain – one Euro-country after another is forced to support its banks with huge sums of money in order to equalize the losses incurred by money worldwide from bad loans. But where do the billions go anyway? Who are the beneficiaries? With this simple question, award-winning business journalist and nonfiction author Harald Schumann travels across Europe and gets surprising answers.
The rescued are not in the poorer Euro states – unlike commonly believed – but mainly in Germany and France. A large part of the money ends up with the creditors of the banks that want to be saved or must be saved.
And although these investors have obviously made bad investments, they are – against all logic of the free market economy – protected at the expense of the general public against any losses. Why? Who gets the money? Actually, simple questions, but that regard the core of European identity. Maybe the most passionate film on the banking crisis.