As the Greek Debt Crisis drags on with no end in sight, it is becoming harder and harder to skirt around one wholly uncomfortable though increasingly unavoidable question: Who is all this bailing out and austerity really for- the Greek people, or the European banks that financed their government?

Even though the Greek government has recently gone back to its people to ask for yet another round of tough austerity policies meant to get the annual budget deficit under control, it seems that it won’t even be close to enough. Officials in Athens recently admitted that the 7.6% deficit year-end goal that they set for themselves was out of reach: the global economy will have to settle for a deficit of 8.5% of the Greek GDP. Of course, this is all taking place against the backdrop of a Greek economy that has shrunk 10% in the last year and is reeling from 16.3% unemployment.