European banks will benefit from the Greek austerity plan but will have little long-term impact on Greece itself, Charles Biderman, of TrimTabs told CNBC.
He adds that without any economic growth to fund the debt service and to repay all the banks, "All this does is kick the can down the road and allows the European banks some time to just keep earning — the top people keep getting the top salaries they so richly deserve."
Biderman also mentioned that while Treasury yields are rising, the looming end of "Quantitative Easing 2" is likely to have an effect as well.
"We're entering unknown territory...The Fed has been creating $5 billion every day, $25 billion a week out of thin air used to buy Treasurys," he said.
Biderman added, "There's this huge surge of stock buyback announcements by American companies. At the same time there's a dramatic decrease or a lack of insider buying, a ratio we've never seen before."
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Disclosure information was not available for Charles Biderman or his company.