As the guy says in http://www.businessinsider.com/theres-only-one-way-forward-for-europe-and-this-isnt-it-2012-9, "Unless a sufficiently large number of us wake up in time, as in right now, people will be shot to death in the streets of Athens and Barcelona just so the banks can continue to hide their losses."

Which is the truth, but not the whole truth. These banks are in debt, they incurred losses... but where did the money go? To whom do they owe that?

Or was it just imaginary money that they invented? If so, why the austerity, to return the imaginary money?