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The National Bank of Greece has set up a "Solidarity Account" that will be used to pay down the country's debt. Make your deposit (free of charge!) by Internet, phone, or wire transfer to account number 040/541599-36 Or, if you'd prefer to help the U.S. pay its own public debt, the Treasury would be glad to take your money. They've set up a convenient online form to make it easy.
UK TAXPAYERS FACE £650M BILL TO BAIL OUT DEBT-RIDDEN GREECE
A cash injection from the International Monetary Fund will see Britain contributing towards a £13billion bill to prevent the Greek money markets from collapsing.
Since UK funds make up five per cent of the IMF budget this means a bill of £650million for the British taxpayer.
In a move to shore up the country’s faltering economy as it teeters on the edge of bankruptcy the 16 eurozone leaders agreed yesterday to give Greece £26billion in emergency loans this year.
Originally posted by kindred
Looks like us Brits will be one of the biggest contributors in bailing out the Greeks, but what's new. We have the EU to thank for that.
The IMF's former chief economist, said Greece needs €110bn to have any hope of pulling itself out of a tail-spin, given that the twin cures of default and devaluation are blocked. Even that may not work. Greece must squeeze a further 13pc of GDP from the budget to stabilise debt costs by 2012, and do so during a slump when every euro of tightening leads to €1.5 to €2 in lost demand. "The risk is of a viscious downward cycle."
Yet let us be honest. This is not a bail-out for Greece. It is a bail-out for European creditors that account for most of Greece's €391bn external debt (163pc of GDP). As such it is the first line of defence against greater sums at risk across Club Med. The EU rescue shifts the debacle onto taxpayers in order to prevent a systemic crisis, just like the bank bail-outs after the Lehman failure. The question is whether German Landesbanken with wafer-thin capital ratios can withstand a second crisis after losing so much already on US subprime debt.
As for blaming Greece, let us remember that the European Central Bank stoked property booms in much the same way as the Greenspan Fed. It let the growth rate of M3 money balloon to 12.3pc by late 2007, against a 4.5pc target, pouring petrol on the fire in Club Med, Ireland, and Eastern Europe. Greece can perhaps claim its entry terms into the euro were violated by the ECB. Yet the Greeks are being singled out for punishment under the rescue terms. Mr Johnson says they will have to transfer 8pc to 9pc of GDP each year to foreign creditors from 2012 onwards.
No nation will tolerate such debt servitude for long.
This crisis stems from the original sin of EMU and the collective self-deception that lured debtors and creditors alike into excess. To lecture Greece gets us nowhere. Default will happen one way or another. So will contagion.
"Welcome to the United States Treasury's site for making donations to help reduce the public debt," the form says. "If you would like to make a donation, please fill in the required fields and click the Submit Data button when completed."
Originally posted by kindred
Well I'm no expert in economics, but a good start would be to sack all those responsible for this mess and replace them with people who are competent, honest and truthful.