Friday, March 30, 2012
We are all saved – again!
Eurozone ministers agree €500bn in new bailout funds
"Europe's 17 single currency governments agreed to deliver €500 bn in new bailout funds on Friday in the hope of erecting a firewall big enough to contain the sovereign debt crisis, placate the markets, and encourage non-eurozone International Monetary Fund members to commit a similar sum to emergency reserves".
Posted by alan @ 07:25 PM (1237 views)
3 thoughts on “We are all saved – again!”
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Who Stole My Pension? says:
And where is the money coming from? Euro QE I suspect. I always knew my parents were wrong when they kept telling me that “money doesn’t grow on trees”. Nowadays you don’t need the trees, you just phone your bank manager and ask him to login to the computer and add a few 0’s to your balance (12 to be precise)!
mark wadsworth says:
Thanks Alan, I think we can all sleep more soundly this weekend!
This is a bit like the theory that if you lose at roulette, all you need to do is double your stake and sooner or later you’ll win everything back. Nope. The house always wins (the house in this case being primarily the likes of Goldman Sachs, but there is a long tail of people whose pockets are also being lined).
alan says:
But wait! … fresh in from the BBC ….”Greek Prime Minister Lucas Papademos has raised the possibility of a third bailout for his country in an interview with Italian daily Il Sole 24 Ore”.
Please Sir, can I have some more?