Let the bailouts begin.
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aside from a 100 pip pop at the open on EUR/USD and a bit of a fade now, doesnt seem convincing.
so will this be printed USDs or are they actually going to try to fund this joke through bond sales?
No, it is really the ECB doing the deal. Except that it can’t because of the Euro Zone constitution or whatever. It is just a tricky/shady way to allow the ECB to print. At least that is my understanding.
So once again we’re going to change the rules of finance to accommodate banks which make horrible investments….phenomenal. When are the true people who bear this burden going to just start shooting bankers.
Not so fast – DJ
Oh, man: Nigel Farage must of been livid over this, since Britain’s taxpayers would have to cough up money for the fund.
Check out this link if you don’t know who Nigel is:
http://ibankcoin.com/news/2011/11/26/fun-with-nigel-farage-germany-rules-once-again-video/
“Any IMF involvement in European rescue packages would be partly underwritten by British taxpayers, which could leave this country liable if Italy and Spain did not repay any international loan.
Britain provides 4.5 per cent of the IMF’s funding and would, therefore, face a potential liability to an Italian package of up to €27 billion (£23 billion). “