The Idiocy of Austerity: Greek Edition

Many newspapers are promoting the Greek austerity plan as a rescue package, none more so than Bloomberg Businessweek:

Businessweek: “Hong Kong Stocks Fall as Europe Rebuffs Greece on Rescue Package”
Businessweek: “European Bank Shares Rise as Greece Passes Measures for Rescue”
Businessweek: “Greece Rescue Faces Finance Chiefs After Parliament Approval”

Bloomberg Businessweek (Photo credit: SimonQ錫濛譙)

But who is being rescued? The headline for Floyd Norris’ article in the Times actually gets it right:
The New York Times: “Banks Come First in a Greek Rescue Plan.”

Once again, it’s the banks being bailed out, while the public gets to revel in an austerity that only serves to prop up the big banks.

Flashback to: The Idiocy of Austerity
Eschaton: Bailing Out The Banks, Again