European countries, IMF offer Greece $146 billion in loans

Los Angeles Times ^ | May 2, 2010 | 4:31 p.m. | Henry Chu, Los Angeles Times

[Ernest_at_the_Beach]

Eurozone members act to protect their currency. In exchange for the aid, debt-ridden Athens announces new austerity measures.

Reporting from London

European countries and the International Monetary Fund on Sunday threw Greece a lifeline worth a stunning $146 billion after the financially foundering nation unveiled a stinging program of spending cuts and tax hikes to reduce its enormous government deficit.

At an emergency meeting in Brussels, finance ministers from the 16 nations that use the euro currency signed off on the bailout package, which would grant low-interest loans to Athens to help it avoid a humiliating bankruptcy. The money would be available over the next three years and would come from the International Monetary Fund and fellow Eurozone countries such as Germany and France.

"This assistance will be decisive to help Greece bring its economy back on track and preserve the stability of the euro area," said Jose Manuel Barroso, president of the European Commission, who described the bailout as an act "of solidarity and responsibility."

[GeronL]

The amount of the bailout has gone from $40 billion to $146 billion??

[ltc8k6]

And tax hikes...yeah, that’ll fix it...

Can you imagine being very deep in debt, with no real plan to get out, and having anyone loan you a bunch of money...

[Ernest_at_the_Beach]

That is what this says....unbelievable...and we fund a big chuck of the IMF,...

Kudlow is going to being barfing over this one.,..

[GeronL]

yep, let them take the EUSSR down with them, why should we be funding part of this?

[Ernest_at_the_Beach]

******************************8EXCERPT****************************

As the Eurozone's economic powerhouse, Germany will contribute the most to the zone's offer of about $107 billion in loans.

The rest of the $146-billion package is to come from the IMF.

[GeronL]

Exactly, they already have like an 18% sales tax, its not like taxes are too low.

[Chode]

to be paid back, how... with what???

[ClearCase_guy]

Whoo-Hoo! Break out the ouzo! It is time to parrrrr - tay!

[Ernest_at_the_Beach]

Related article at the times:

Greece's fiscal woes threaten the U.S.

********************************EXCERPT***************************************

By Don Lee, Los Angeles Times

April 29, 2010

A widening financial crisis in Europe is threatening to put a damper on the economic recovery in the U.S. and abroad just as the American economy is gathering steam.

Reporting from Washington —

A widening financial crisis in Europe is threatening to put a damper on the economic recovery here and abroad just as the American economy is gathering steam.

A credit contagion that began in heavily indebted Greece spread Wednesday to Spain, whose economy is much larger than Greece's, as Standard & Poor's cut the Madrid government's credit rating, just one day after slashing Athens' bonds to "junk" status and downgrading Portugal's debt as well.

[GeronL]

What recovery?

Now they have an excuse... lol

[Gen-X-Dad]

That is what this says....unbelievable...and we fund a big chuck of the IMF,

---

Correction, we beg China to loan us money so we can then give it to the IMF (thereby proving our relevance to the globalists) so the international socialists/communists can then bail out the Greeks and take over its economy.

We are watching the mother of all ponzi schemes implode. Just like the street hustler cons the passerby to find the pea under the shell (when it is not there), we are asked to believe in imaginary funny money being slid back and forth around the world.

[NVDave]

Yup.

And that won’t last long.

[dsrtsage]

Can’t wait to see the riots, and the burning of cars in Greece if they actually take the steps necessary.

[Wisconsinlady]

I hope they appreciate me having to work the rest of my life so they can retire at 55. This is such b.s.

[Bean Counter]

uh huh...so what will be the EU response when the Greek Communists burn Athens to the ground in protest over this “deal”??

I wonder what the German taxpayers will have to say with this over their morning coffee...

[Ernest_at_the_Beach]

Related thread:

Monetary union has delivered a 'German Europe' after all

[blam]

Sovereign Debt Crisis Dominos Are Lining Up to Collapse

[BooBoo1000]

I wonder who will be next>>>?????

[Ernest_at_the_Beach]

Thanks.