Europe in €2 Trillion Rescue Bid !
- The key question is: where is the additional €1.6 Trillion going to come from? The Illuminists are simply trying to bankrupt as many countries as possible. France annd Germany will be going under with this new plan. Even if they were to leverage (ie. more debts from some bankster) the existing €440 Billion plan, the Eurozone will still have to assume the debts when things don’t workout. This is simply an escalation of the existing scam to drag more nations into an insurmountable debt mountain! Keep in mind that any increase above the approved €440 Billion still requires approval from the 17 member countries of the Eurozone. The Illuminists are simply lining up the dominoes for a catastrophic global collapse!
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Europe in €2 trillion rescue bid
By Philip Aldrick, http://www.telegraph.co.uk/
George Osborne has admitted for the first time that Britain may have to provide billions of pounds more to bail out the eurozone as part of €2 trillion international efforts to shore up the single currency bloc and revitalise the flagging global recovery.
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G20 finance ministers, including the US Treasury Secretary Tim Geithner, agreed in Paris during the weekend that the International Monetary Fund (IMF) should consider using its resources to backstop a massive eurozone-led rescue effort. Under the terms of its membership, the UK will be liable for 4.2pc of any funds provided by the IMF. The IMF has $390bn available.
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Britain has currently a maximum $20bn commitment to the IMF, and has pledged about £10bn to support the eurozone through the IMF and a bi-lateral loan to Ireland.
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Germany and France are spearheading a multi-trillion dollar “shock and awe” programme expected to be agreed next weekend and presented the following week at the G20 summit in Cannes.
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The international community may provide further support after the G20 agreed that the IMF should “consider new ways to provide on a case by case basis short-term liquidity to countries facing systemic shocks”. The IMF will report back on what measures it would offer at the summit in Cannes.
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Britain and the US were keen to stress that unconventional IMF assistance should not be used as a substitute for a European plan. George Osborne said: “We have indicated our willingness to consider our position on resources for the IMF. Additional IMF resources must not be a substitute for the eurozone committing its resources to supporting its own currency.”
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Germany and France have now agreed the principles of a €2 trillion to €3 trillion rescue plan. Mr Osborne said they had just seven days to come up with “something quite impressive”.
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Details will be thrashed out this week but there now appears to be consensus around the core measures – to increase the firepower of the eurozone bail-out fund (EFSF) from €440bn to around €2 trillion, to recapitalise the banks with €100bn-€200bn, and to devise a credible programme for Greece, including losses for private sector creditors of as much as 50pc.
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