Article

2010-05-04 Europe

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by tipper 2010-05-04 00:16|| || Front Page|| [11135 views ] Top

#1

it appears that a third of the bailout will come from the IMF. the U.S. taxpayer use to finance about 40% of that or in this case the US will borrow $15B from the chicoms to help pay for the Greek union members pensions.

Posted by bman 2010-05-04 10:47|| 2010-05-04 10:47|| Front Page Top

#2 The ECB's acceptance of worthless Greek debt instruments is on a par with the Federal Reserve's acceptance of worthless mortgage-backed securities. Both are part of the modern shuck-and-jive global economy.

Posted by Anguper Hupomosing9418 2010-05-04 11:31|| 2010-05-04 11:31|| Front Page Top

#3 If Germany has an ounce of sense they will withdraw from the Euro and return to the Deutche Mark post-haste. Easy to write, not easy to do. Several German banks have already been nationalized. Before the Greek crisis became acute, German banks were already holding a lot of Greek (and other PIIGS) debt of doubtful value. Withdrawing from the Euro wouldn't change that situation. Withdrawing from insolvency & undergoing deflation are both very painful.

Posted by Anguper Hupomosing9418 2010-05-04 11:43|| 2010-05-04 11:43|| Front Page Top

#4 From another article today found on Yahoo:
--"There is no faith in what the EU and the IMF have proposed for Greece," said Dean Popplewell, chief currency strategist at OANDA, a foreign exchange brokerage in Toronto.

"Capital markets are betting on a Greek default, as Greece's own populace is not going to accept the terms of this rescue, and contagion is a real concern hurting the euro," he said.
--"These government measures are destroying my life," said Panagiota Katsagani, a 25-year-old part-time school teacher who was marching in Athens on Tuesday. "I was planning my future, now I have to go back and live with my parents."
-- Some newspaper editorials said the bailout was more a rescue for European banks holding Greek debt than one of ordinary Greeks.

Posted by Anguper Hupomosing9418 2010-05-04 11:48|| 2010-05-04 11:48|| Front Page Top

#5 They don't seem at all worried about investors selling or even shorting the Euro.

Curious, I wonder what they know that we don't.

Posted by Rupert Theamble6433 2010-05-04 13:17|| 2010-05-04 13:17|| Front Page Top

#6 They don't seem at all worried about investors selling or even shorting the Euro.

Why should they? A falling Euro stimulates exports. A big bonus for Germany, still the world's biggest exporter - not China as many think.

Posted by phil_b 2010-05-04 19:43|| 2010-05-04 19:43|| Front Page Top

#7 The EU is not bailing out the Greeks, they are bailing out themselves. Most of the money is owed to European banks. If Greece defaults, the banks go under and the European bourses all tank.

They'll cough up money to bail out Greece now, and then when things quiet down, they'll kick them out of the Euro zone.

Posted by DMFD 2010-05-04 22:12|| 2010-05-04 22:12|| Front Page Top

23:50 JosephMendiola
23:46 tipover
23:13 gorb
23:10 gorb
23:09 JohnQC
23:08 gorb
22:53 Barbara Skolaut
22:53 OldSpook
22:51 Barbara Skolaut
22:45 gorb
22:29 gorb
22:26 linker
22:20 SteveS
22:18 twobyfour
22:12 DMFD
22:11 trailing wife
22:04 JosephMendiola
22:01 JosephMendiola
21:56 linker
21:53 linker
21:52 linker
21:48 Hotspur666
21:40 Glenmore
21:36 Hotspur666