Friday, July 27, 2012
Gimme, Gimme, Gimme
"The temporary bailout fund, the European Financial Stability Facility (EFSF), has 259.5 billion euros of lending capacity left, of which up to 100 billion is already earmarked for the recapitalization of Spain's stricken banks. Under current agreements the ESM was to start with only 100 billion euros of lending capacity in July, and its firepower was to rise to 200 billion euros in October as the second tranche of its capital was to be paid in by euro zone governments". (Are the Germans softening?).