Posted on 03/25/2010 8:11:37 AM PDT by mainsail that
BRUSSELS – Spain and Greece called on the European Union to use an existing euro50 billion ($67 billion) bailout fund to offer cheap loans to Greece or other struggling eurozone governments.
The fund has raised money at low rates by borrowing from bond markets and passing the loan on to Hungary, Latvia and Romania as part of rescue packages led by the International Monetary Fund.
The fund is used to help EU members that haven't adopted the euro, but Spanish and Greek leaders said its mandate could be broadened to assisting eurozone countries.
Greek Prime Minister George Papandreou said the proposal drawn up by Europe's socialist party "is a solution that could be decided even today."
"It is on the table and I think it opens up a new future for Europe," he said after a meeting of socialist leaders ahead of a two-day summit of European Union heads of state. "It's a clear solution and a simple one. It shows that if there is a will, there is a way."
(Excerpt) Read more at news.yahoo.com ...
This is akin to drilling a hole in your boat to let the current water out.
Bailout fund? From other downward-spiraling socialists?
Capitalism, baby. Capitalism.
The money quote, “It’s a clear solution and a simple one. It shows that if there is a will, there is a way.”
They have a will to ask others pay for their crap! Very simple and easy solution: pay my bills! Where’s the Nobel Prize?
ONLY 67BIL? Zero wouldgive them at least a TRIL.
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