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Tuesday, May 17, 2011

Good Money After Bad

Despite the arrest of the CEO of the IMF, Dominique Strauss-Kahn, the IMF and EU have managed to come up with the eurozone's third bailout package.

This time Portugal is holding out the begging bowl, and will receive Euro78BN. Europe will provide Euro52BN at 5.5%, and the IMF will provide Euro26BN at 3.25%.

Needless to say this bailout is merely putting off the day of financial reckoning. No one seriously expects Portugal to be able to pay off this debt.

As for Mr Strauss-Kahn, it is rumoured that he/IMF may seek diplomatic immunity.

Were that to be true, that would produce one almighty diplomatic/political and financial bust up between Europe and the States.

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