IMF drawing up £517bn package to save Italy, Spain and the euro

The Telegraph ^ | 11/27/2011 | Robert Winnett

[Mariner]

The International Monetary Fund is being lined up potentially to help Italy and Spain amid growing fears that a European rescue scheme will not be able to prop up the countries, it emerged last night.

Reports in Italy suggested that the IMF is drawing up plans for a €600 billion (£517 billion) assistance package for the country. Spain may be offered access to IMF credit, rather than a rescue package, to avoid it being “picked off” by the markets in the coming weeks.

[Future Useless Eater]

Even if your 17% figure is right, the US taxpayers should be FURIOUS!

THIS BAILOUT OF ITALY & SPAIN will cost US taxpayers $136 BILLION (17% of $800 billion)

The Super Committee failed to cut our deficit by 1.2 Trillion over 10 years.
(That would equal $120 Billion in cuts over one year)

The US Taxpayer will be bailing out SPAIN & ITALY by MORE than the amount the Super Committee was seeking in cuts!

(The US taxpayer's share of the latest Greece bailout was $54 Billion. These two Euro bailouts will total $190 Billion, or 1.6 times the amount the Super Committee was trying to CUT.)

I would bet our share is even higher, but we can't tell. We NEED to AUDIT the FED!



FYI - I do not have any ping list. I 'cc'ed people from this thread, and other threads who might be interested... ( IMF and SUPER COMMITTEE threads )

[2ndDivisionVet]

Wow! Who saw this coming? Oh, yeah, anyone who knows anything about the IMF.

[Future Useless Eater]

France will have its cup in hand soon. HOW LONG will we keep
wasting US tax dollars to keep the Euro afloat?

[A Navy Vet]

Too Big To Fail, again? I say let them fail and let the world economy find its equilibrium and start anew.

[Lazamataz]

I’m not getting something. If EVERYONE in the world is ‘failing’, why don’t we all just forgive all the loans to one another and start fresh?

[Varsity Flight]

SM

Systemic Monetization

Watch oil, transport, gold, and commodity prices.

(And guess what UK lobby is currently holding the Italy bond bag and wants bailed? One that calls itself an “industry”? The same ones on the receiving end of Phony-Care in th US?)

[Varsity Flight]

Because the ones that party at the top, at everyone elses expense, would be exposed for dis-proportioned monetization (i.e. self-regulated salaries & income vs. market driven demand income)

[Evergolightly]

America has funded the world since the mid 50’s when will our people wake up?

[CaptSkip]

Apparently this rumor has already been denied.

I believe you are correct Vince.

http://www.zerohedge.com/news/imf-package-denial-sends-es-and-eurusd-tumbling

More of the markets buying the rumor then selling the reality. Rinse and repeat.

[hal ogen]

Please, you degenerate Americans...shut up, get to work (if you have a job) and pay your taxes. Move along...there is nothing to see here.

[Vaquero]

when I first saw the title I thought Mr. Phelps and his Impossible Missions Force was on the job.

Impossible Missions indeed.

[elpadre]

Wow! and we thought we spent a lot on the Marshall Plan after WWII to rebuild Europe. Then keeping the peace since.

and now this obscene bail-out

I would say we have purchased Europe - what now?

[Army Air Corps]

Ugh. And soon shall the PIIGS return to the triugh for more American taxpayer cash?

[Army Air Corps]

You type the truth.

[luvbach1]

We are going unnnnnderrrrrrr. Giant sucking sound as we go down the drain.

[Army Air Corps]

I meant to type "And how soom shall..."

[The Theophilus]

We’d have better leadership in the USA if we canned elections in favor of a lottery.

I submit we would have better leadership if we canned elections and replaced all departments with Apple's Siri.

[Abathar]

"I’m not getting something. If EVERYONE in the world is ‘failing’, why don’t we all just forgive all the loans to one another and start fresh?"

A worldwide reboot so to speak? I've wondered that myself.

[ctdonath2]

Because forgiving someone’s loan means you don’t get what’s owed you, and you have to suffer the consequence - not the debtor. Also, just because you forgive someone’s loan doesn’t mean the creditor you owe money too will forgive your loan. ...and hence the natural consequence of this economic quandary being war: “you WILL pay me back, pound of flesh if need be.”

Methinks this is why the Old Testament commands a “year of Jubilee” where all debts are forgiven every 49 years: it’s gonna happen one way or another every half-century (being human nature and economic cycles), so may as well do it in a predicted, specified, organized manner.

[Elsie]

Ulysses Everett McGill: Me an' the old lady are gonna pick up the pieces and retie the knot, mixaphorically speaking.