John Clarke and Bryan Dawe calculate the cost of the European debt crisis (very funny).
Tagged: bailout RSS
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On European bailouts: “they’re gonna need a bigger boat”
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The European Union has agreed to print, borrow, or invent $1 trillion billion Euros in order to not just bail out Greece, but to keep itself from imploding. Greece owes $400 billion, Portugal owes $175 billion, Italy, owes $2 trillion, and Spain, $820 billion. The EU is doing this from a weak position, as it has yet to recover from the 2007, subprime mortgage problems. Seeing the riots in Greece, knowing how the French strike at the drop of a hat if they are asked to give up anything, well this should be a good indication of how unwilling the people of socialistic countries are when it comes to saving their economies. What we have seen is only the beginning of the undoing of the EU. It’s a small picture of the US as it slowly moves toward Socialism.
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wiinky
If you run out of to things to worry, have a look at this playful WSJ site.
State budget gaps. A fun interactive map, with sortable table columns ( click column titles to sort )
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Teresa Lo
Eurozone Bailout a “Desperate Measure”?
Hans Redeker is frequently interviewed on Bloomberg. He went on CNBC minutes after the announcement last night, pointing out some details that seem to have gone by the wayside in the midst of today’s market rebound.
The move so far reminds me of the horse trading that went on before the first TARP vote back in September 2008. -
Teresa Lo
From Awful to Shocked
I made a comment that the European rescue package needed to be $700 billion, not $70. And they have delivered:
E.U. Details $957 Billion Rescue Package
In an extraordinary session that lasted into the early morning hours, finance ministers from the European Union agreed on a deal that would provide $560 billion in new loans and $76 billion under an existing lending program. Elena Salgado, the Spanish finance minister, who announced the deal, also said the International Monetary Fund was prepared to give up to $321 billion separately.Officials are hoping the size of the program — a total of $957 billion — will signal a “shock and awe” commitment that will be viewed in the same vein as the $700 billion package the United States government provided to help its own ailing financial institutions in 2008. The package represented an audacious step for a union that had been criticized for acting tentatively, and without consensus, in the face of a mounting crisis.
Underscoring the urgency of the situation, President Obama spoke to the German chancellor, Angela Merkel, and the French president, Nicolas Sarkozy, on Sunday about the need for decisive action to restore investor confidence. And in a sign of the spreading anxiety, the United States Federal Reserve, along with the European Central Bank and the central banks of Canada, Britain and Switzerland, announced the re-establishment of instruments known as swap lines through January 2011. The swaps are intended to help ease pressure on the euro, whose value against the dollar has fallen as fearful investors have bought up dollars.
Many thanks to U.S. taxpayers for doing their part via the IMF, de facto admission that the problem was too big for Europa.
wiinky 11:54 PM on May 26, 2010 Permalink | Log in to Reply
You right about dat !