Posted on 09/24/2011 9:26:21 PM PDT by Comparative Advantage
The three-pronged deal would set up a massive fund to create a "firewall" around the most indebted eurozone countries, allow for an "orderly" Greek default on at least some of its liabilities, and bail out European banks most at risk from debt.
German and French officials came up with the strategy which aims to end the eurozone's sovereign debt crisis before it spirals completely out of control, plunging the world back into recession.
The likely deal came ahead of a major new setback for the British economy - with BAe Systems, Britain's biggest manufacturer, poised to cut 3,000 jobs.
Whitehall officials believe the job losses could be announced as early as this week and are likely to affect the company's military aircraft division in Warton, Lancashire, and Brough, Yorkshire.
The eurozone deal, being brokered by the G20 group of nations, would seek to "ring fence" the crisis around Greece, Portugal and Ireland - preventing it from spreading to major EU economies such as Italy and Spain.
(Excerpt) Read more at telegraph.co.uk ...
Is any of it coming from the USA??
big-dysfunctional-institutions-oh-that’s-redundant alert.
Yes..the US is the largest contributor to the IMF that is funding a big portion of the deal. Not so worry..we can just print some money and all will be ok.
Is any of it coming from the USA??
Most of it either directly or indirectly will be coming from the US taxpayer
And that’s in British Pounds, Not US Dollars.
I think that comes out to about $ 4 Trillion.
The Euro is broken already. All of this is like trying to fix a shattered vase with Scotch tape, that just so happens to cost trillions of dollars. If the stakes weren’t so high this would be somewhat comical.
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