Greek Bailout is for foreign banks. So was TARP

Real Clear Markets, Author John Tamny:
" Let's be clear that the bailout was not one meant to aid a Greek government that has been in default for much of its debt-issuing existence, rather it was a bailout of banks around the world that have exposure to Greek debt. If the latter were not the case, if Greek debt were locally held, it's near certain that the IMF would not have stepped in, and those with exposure to the debt would have taken a "haircut" on their holdings as normal investors in stocks and bonds do with great regularity."
     Link suggested by Brian Hall.


Remember TARP?  "Disproportionately went to foreign banks".