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A "who Is Who" Of Countries About To Fund The Imf's Bail Out Of Europe

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http://www.zerohedge.com/article/who-who-listing-countries-will-fund-imfs-bail-out-europe

When back in April we wrote about the huge expansion in the IMF's New Arrangement to Borrow (NAB) multilateral facility (which was expanded from $50 billion to over $550 billion), one of our observations was that "Funny money will galore. At this point nobody will allow anyone or anything to fail." And since all of Europe is about to be bailed out by the now insolvent ECB and the still somewhat solvent IMF, it strikes us as an opportune time to recall just who will bear the cost of this pan-European rescue. Surely, by now even idiots realize since the ECB is bailing out Europe, it is really bailing out itself, in a process described beautifully by Sean Corrigan recently, and any incremental money coming from ECB member countries will really go to themselves, and therefore its "new capital" contribution can be completely ignored. The same thing goes for European member countries of the IMF: that Ireland has pledged $2.9 billion to the IMF's NAB (not to mention Spain's $10.3 billion and Portugal's $3.4 billion) is late night comedy circuit fodder. Which is why it is not at all surprising that new capital will come from the US, Japan and China, in that order: the trio is about to spend over $250 billion (and soon much more) to rescue Club Med, as the Ponzi unwind shifts into a higher gear.

New, incremental sources of capital have been conveniently highlighted in the table below which lists the NAB participants and amounts pledged.

.......

And just so there is no confusion, here is Nomura explaining why the existing EFSF framework is insufficient to fund even the rescue of Spain:

Nomura%20ECB_0.jpg

Ergo: once Spain is under (+/- one month), then the full cost of the Italian and subsequent rescues will be increasingly borne by America.

Excellent so the Irish are contributing to their own bailout then by the IMF, at least they'll earn some interest on it. :lol::lol:

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http://www.zerohedge...bail-out-europe

reminds me of this story once again.

a man walks into a hotel and asks to look at a room. he leaves a £10 note on the table as a deposit and goes to look at the room. the hotel owner takes the £10 and goes to the butcher and pays him the £10 he owed him from his last delivery. the butcher then takes the £10 and finds the prostitute he was with last night and pays her the £10 he owed her. she then goes to the hotel and gives the hotel owner £10 as payment for use of the room last night. the hotel owner then places the £10 back on the table.

the man comes down, decides he didnt want to stay, picks up his £10 note and walks out.

no money has been gained or lost yet everyone's debts are settled and everyones happy.

Excellent so the Irish are contributing to their own bailout then by the IMF, at least they'll earn some interest on it. :lol::lol:

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(NAB)

They are just so blatant.

NAB: To grab; snatch.

blatant: without any attempt at concealment; completely obvious, flagrant.

Edited by billybong

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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