November 29, 2010
The bailout outrages never stop.
- A d v e r t i s e m e n t
Of the 110-billion Euro Greece bailout, 30-billion (approx $40 billion) will be paid for by the IMF.
The US supplies almost 20% of the IMF’s funding (per quotas). So that means US taxpayers are providing ~$8 billion of the $145 billion going to kick the Greek can down the road.
The second outrage is that, as in some of the US bailouts, our bailout money is JUNIOR to Greece’s existing debt. That means that, over the next couple of years, the idiot banks that loaned bankrupt Greece money will get their money back. And then, when Greece runs out of cash again, we’ll be left holding the bag (along with Germany and the rest of the folks who bailed Greece out).