The Phaserl


Europeans To Bail Out French And German Banks

from The Sleuth Journal:

The 86 billion euros from the third so-called financial rescue approved for Greece will be paid by citizens whose governments are members of the European Union. The interests on the loans requested by the Greek government will be paid in perpetuity by the Greek people.

The third bailout will be disbursed over the next three years. The details and conditions of the program will be reviewed every two months, according to the Memorandum of Understanding (MoU) issued by the parties involved in the negotiation.

Athens major lenders called the Stability Mechanism (SM), draws annual contributions from the Member States-, the European Commission, the European Central Bank and, if Greece overcomes its first review in October, also the International Monetary Fund (IMF). This is what is now known as the quartet of creditors.

The new program is part of the remaining lending capacity of the SM, which is 455 billion euros. Thus, the new program approved on Friday does not require any new contributions from the Member States of the euro area.

The SM allegedly mobilizes funds on the basis of capital already signed to by the Member States.

Of the contribution of every member of the SM

The IMF has not yet issued a statement about its potential contribution to the bailout program. In fact, the IMF has said in multiple occasions that the third bailout is doomed to fail, so any contributions from the organization would be considered a surprise.

“The Fund first wants to analyze the program”, said its managing director, Christine Lagarde, via teleconference.

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1 comment to Europeans To Bail Out French And German Banks

  • Ed_B

    Isn’t it amazing at how many people cannot tell when a situation is hopeless? Instead of just ending it, they keep it going for months and even years beyond its expiration date. Greece and its people would have been WAY better off to have done years ago as Iceland did. Yes, there would be pain in doing that but then there is NO pain-free way out of such problems. It is just better to resolve them as best we can as soon as we can, rather than letting them drag on and on, not being resolved, and getting steadily worse. The process that has been used seems intent on destroying Greece and its people and, so far, it is doing just that.

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