As this is basically a repeat of the Picketty article recently posted here I'll repost my comment from there to help in the understanding that it is not only Ge

As this is basically a repeat of the Picketty article recently posted here I'll repost my comment from there to help in the understanding that it is not only Germany that have contributed into the Greek bailout fund. 1. Meet Portugal (my country). Some may know us derisively as the P in PIGS because of our financial problems (much similar to the Greek one in nature and extent). In 2010 and 2011 as one of the 14 member states of the EU that were part of the Greek loan facility Portugal contributed with 1102 million euros into the 52.9 billion loan that greece received [1]. Yes, that's correct, not all of the debt that people are so eager to expect that German forgives is from their coffers, it was actually pooled from the following countries: Belgium, Cyprus, Germany, Estonia, Finland, France, Ireland, Italy, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Spain. 2. As you may know, about the same time we had our own problems and also had to be bailed out. As part of the measures put in place to reduce our deficit a massive tax hike was implemented in the end of 2012 [2] I'll draw attention to single one of those measures: the 3.5% extraordinary tax on the income paid by every single person with income above minimum wage (485€/month) including pensioners. Now, for the money quote [3]: "Minister of Finance Vitor Gaspar said the tax would bring in 1025 million euros". Less than what Portugal contributed to the Greek bailout fund. 3.5% of the income of every citizen in this country. In conclusion, that's one of the reasons for the nationalistic outrage against Greece defaulting the loan. It is not only the money of the richest bankers of Europe that won't be repaid, it is the taxpayer money of each of those countries that contributed to their rescue. To put in perspective, 1102 million euros means that default would cost every inhabitant in this country 110 euros (about 330€ per household) and not only hypothetically but in practice too as demonstrated above. [1] http://www.rekenkamer.nl/english/Publications/Topics/EU_governance_to_combat_the_economic_and_financial_crisis/Financial_stability_instruments/Financial_instruments/Greek_loan_facility http://www.rekenkamer.nl/english/Publications/Topics/EU_gove... [2] http://edition.cnn.com/2012/12/31/business/portugal-fiscal-tax-increase/ http://edition.cnn.com/2012/12/31/business/portugal-fiscal-t... [3] http://www.eurofound.europa.eu/observatories/eurwork/articles/other/governments-first-bill-taxes-christmas-allowance http://www.eurofound.europa.eu/observatories/eurwork/article... P.S. As one of the most common responses to was that the money didn't went to Greece but to its creditors (without improving the Greek situation) I must add that I agree it is a valid point. But is not related to the fact that the European fund raised to Greece was not money coming from an abstract concept of Europe or from the coffers of the Germans alone but directly from the taxpayers of each of the countries mentioned above. That is the point being made, not that the bailout shouldn't have happened but that it happened and an eventual default won't be on Germany alone.