Monday, April 12, 2010
Europe bankrolls Greece
"BRUSSELS—European governments said they were prepared to extend Greece a €30 billion bailout if needed, in an effort to deliver the country from a debt crisis that has rattled markets for months and tested Europe's monetary union." -Wall Street Journal 4/12/2010
Great. Now are they prepared to do that for Spain, Italy, Ireland and Portugal? Because that's what they'll need to do as each of those countries are struggling with similar--or worse--debt problems.
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2 comments:
Italy is different, they have greater household savings rates.
It's ironic that Spain, Italy and France helped Argentina into the 2001-2002 crisis in Argentina.
Further ironic that Argentina's default on $150 billion is greater than what is happening in Greece.
Argentine restructured and was able to do so as it can output more agriculture than it could ever consume.
So what's your point. Of course they are going to bankroll them......all of them!
Does anyone seriously think the EU would really give up in round 1 of the fight of their life.
If every country is printing (crediting) then nothing really changes between trading partners. Kick the can.
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