Posted on 05/12/2010 6:28:45 AM PDT by SeekAndFind
Sovereign Debt Crisis: For many Americans, the EU's trillion-dollar bailout of Greece and other troubled European welfare states is probably of little concern. But they should know that they are going to help pay for it.
Much of the media coverage has centered on the "European Union" bailout of its members. But the fact is, the U.S. is playing a much larger role in this than many realize - from strategizing to financing.
As a New York Times headline noted Monday, the EU agreed to its $1 trillion rescue only after "nudge from Washington." President Obama, we're told, phoned German Chancellor Angela Merkel and other Euro leaders to tell them "the Europeans needed an overwhelming financial rescue to end speculation that the euro - and European unity - could crumble."
In short, the rescue was in large part a U.S. idea.
It might strike you as strange that the EU would take advice from a country that now runs a deficit of 10% of GDP and whose total debt is verging on 90% of GDP - both of which would disqualify it from membership in the EU - but, hey, these are strange times.
At U.S. urging, the EU has decided to ignore its own constitution to create an economic superstate to rule the continent's 450 million people and its 27 members with little, if any, democratic input.
The U.S., along with France, shoved this bad idea down the throats of Germany and the rest. Which explains French President Nicolas Sarkozy's curious remark Monday that "we have decided to give the euro zone a veritable economic government."
Veritable, indeed. Even the European Central Bank, long the bastion of euro stability, had its arm twisted to accept a new role - purchaser of last resort for failing nations' public debt.
(Excerpt) Read more at realclearmarkets.com ...
Bank on it... (pardon the expression) never in their history have Greeks been grateful for US assistance. Why break the habit of a lifetime?
They’ll hate us more. The whole world, even our “allies” hate us no matter what we do, how much money we donate to saving the scum of the world, it doesn’t matter, they’ll never appreicate us.
The left, socialists, commies, muzzies, Islamofascists, whatever, have won.
Even a large portion of our own citizens hate their own country and constitution. Our own government is loaded with perfidious traitors and spies.
They have a debt problem and they just got $145 billion in new debt.
I am sure that fixed it.
The old saying is:
Why do you hate me, I never tried to help you.
let’s see...they responded to the first outreach from the Germans by bringing up Nazi war atrocities....what do you think??
Do those used to getting handouts EVER express gratitude?
Look at the welfare crowd in America for example.
Oh Hell No.
Once anyone starts giving freebies with nothing expected in return, it will NEVER be enough. Think of your favorite freeloader. And when you cut them off, they raise hell. In this country at some time, the freebies will have to be cut back and the riots will begin. That’s why our politicians never talk seriously about cutting “entitlements”. They are deathly afraid of the organized civil unrest that it will lead to. All we are doing here is adding on to the freeloaders already living off of our tax money. We just threw a trillion dollars their way and was that enough?
“
(Will Greeks be grateful or will they hate us more?)
“
My inexpert understanding is that as the IMF is involved...
the Greeks will be tightly monitored and the austerity measures will
be enforced by “the banker” (the IMF).
Apparently the other EU members had to do this so they won’t get
blamed/hated by the Greeks.
So, of course, the Greeks will blame the major actor in the IMF for
their suffering.
That would be the USA, of course.
We help save the Greeks from the Nazis.
We help save the Greeks from the Communists.
Now we help save the Greeks from themselves.
Thusly, they’ll hate us for sure.
Once again, the maxim of “no good deed goes unpunished” will be proved.
Wrong question, because we aren't doing this to "help out Greece". We are doing this to help out the Euro elite in keeping the EU together, when it has started coming apart at the seams. Obama doesn't want the EU socialist super state model to implode for ideological reasons.
RE: We are doing this to help out the Euro elite in keeping the EU
So, will the EU be grateful or will they hate us more?
Actually, Greeks "helped save themselves (and us) from the Nazis". Greek resistance to the Germans was so fierce that it took three country's forces to tie Greece down -- Germany, Italy and Bulgaria. Destroying Greek resistance took the Germans so long that it delayed Operation Barbarossa, losing Germany the war.
We help save the Greeks from the Communists.
We delivered Greece to the communists in the first place when we backed communism in neighboring Yugoslavia to reward Stalin for his help in defeating Germany. The Greek communists were getting material support from Tito & Yugoslavia, who we were also supporting. Through the Truman Doctrine, the communists were finally driven underground. But then after Greece joined NATO, we backed a takeover by the hard Right and Greeks eventually wound up with a military junta for seven years. And Greeks were driven off of half of Cyprus by our ally Turkey who we continue to support.
Now we help save the Greeks from themselves.
The Greek people aren't going to see a dime of this money. The Greek people didn't ask for this help from us, the EU did. We are saving the EU's butt so that socialism in Europe can march on even after it has proven to be a colossal failure.
They will hate that we expect any gratitude whatever. They are cold and try to hide it under the guise of "sophistication" and perpetual boredom.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.