NEW YORK (MarketWatch) -- A European Union contingency plan to help Greece would include 22 billion euros to be provided by eurozone members and the International Monetary Fund, according to a report in the French daily Le Figaro. No details were provided to determine the proportion to be provided by the IMF and eurozone members. The report, which cites government sources from Berlin and Paris, said the money would be used "as a last resort", in other words if Greece's ability to finance itself through financial markets becomes impossible. http://www.marketwatch.com/story/euimf-plan-has-22-bln-euros-for-greece-report-2010-03-25-1431300 That's sort of overdraft, or ?
A deal has been struck. 30 Billion EU Euro's alone not including any IMF loans. http://www.tijd.be/nieuws/economie-financien/Griekenland_krijgt_30_miljard_steun.8901848-600.art (local language) Yeah baby yeah... Dow 15K here we come!
i guess the mkt up 90% and hitting highs daily and never once falling for more than day or so ob dubia or greece is not enough.i truely fear for the world in coming yrs
The question is at what rate. ECB loan said 5%. Berlin can still veto that, if my understanding is correct. In fact, Berlin is saying it should be at market rates - 7 - 7.5%. If that's the case, what's the good of the loan when the market is already offering that and it is well out of the range where Greece can afford? Does anyone honestly think this will stop Greece from defaulting? Forget the US Markets, they have their head up their ass on cheap Banana Ben money. They'd go up on a US default.
lol who cares if europe loans them money. they'll just default to european taxpayers instead of private investors. its truely checkmate for the world as theres no way out but default for tons of country's including the us. all the printing has done is staved of the day of disaster a little longer