Since both the rules of the Eurozone and Germany is against bailing out defaulting Greece it seems that the olive oiled ones are threatening to call in the International Monetary Fund unless Brussels comes up with real money on acceptable terms within a week.
So instead of Britain, Germany, France and the rest bailing them out the IMF i.e. Britain, Germany, France and the rest will bail them out. Remember how these countries, the US and some others are paying for all the IMF scams? Well, they do, so no real difference really other than that IMF probably is a worse choice and the money will be more of a loan then aid as the case would be if the Euro countries stepped in.
I wonder what Italy, Portugal and Spain will threaten with when they start to collapse?
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