Where has all the money gone? That is the question that desperately needs asking (and answering) now that the European Union has morphed into one humongous orgy of national bailouts, especially with Italy, the eurozone’s third largest economy, next in line.
In his 2013 documentary “The Secret Bank Bailout,” German investigative journalist Harald Schumann documents how the peoples of Ireland, Cyprus and Spain were not bailed out. The biggest recipients of the Irish bailout that saved Anglo-Irish Bank were British, French and German banks, including Union Investment Privatfonds, Rothschild et Compagnie Gestion, and Deutsche Bank.
German and French banks accounted for 50 out of the 80 bondholders. Without the clandestine bailouts these banks received, they would have almost certainly gone under.