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When is a loan between central banks not a loan? When it is a dollars-for-euros currency swap.
BY GERALD P. O'DRISCOLL JR.
America's central bank, the Federal Reserve, is engaged in a bailout of European banks. Surprisingly, its operation is largely unnoticed here.
Who's on the Hook for the IMF's Greek Bailout?
WASHINGTON—Some lawmakers and other commentators are arguing that the U.S. will be handed a big bill to rescue Greece from default because the U.S. is the International Monetary Fund's largest shareholder.
But as with much concerning the IMF, an international financial institution based in Washington D.C., it isn't that clear-cut.
"It is simply unfair—as a matter of principle—to force American taxpayers to use their hard-earned money to prop up failed policies in relatively wealthy nations," wrote Rep. Todd Tiahrt, a Kansas Republican, opposing any U.S. participation in a Greek bailout.
But the U.S. participation in the €110 billion ($145 billion) loan to Greece is relatively modest compared with the huge commitment by Greece's fellow euro-zone governments, and their taxpayers. Those 15 nations are in various stages of approving a total of $106 billion, divided according to their stake in the European Central Bank. Germany would loan $29 billion, followed by France with $22 billion.
The U.S. role comes from its obligations to the IMF, which is lending an additional $39 billion as part of the Greek package. The U.S. pays roughly in proportion to its stake in the IMF, as do other countries, if the IMF's board votes to approve the package on Sunday, as expected.
Originally posted by AzureSky
How did they do it covertly?
Im pretty sure i hear about the FED bailing out the EU a month or two ago, or they were working on it. Apparently its quite a pretty penny too
Geithner: Fed not looking to boost IMF bailout fund - The Hill's On ...thehill.com/.../197535-geithner-fed-not-looking-to-boost-imf-bailout...Cached
Geithner: Fed Will Not Contribute to IMF-Led Bailout - Yahoo! Financefinance.yahoo.com/.../geithner-fed-not-contribute-imf-180054856.ht...Cached
BERNANKE: We're Not Going To Bail Out Europe Or Devote More ...www.businessinsider.com/bernanke-no-europe-bailout-no-more-mon...Cached
Originally posted by Droidinvoid
A new year is around the corner. God damn Mayans.
2012.......... get the beer and popcorn in ........and pull up a comfy chair ONE hell of a ride is to commence.
2012 ATS was made for this do you guys have a back-up emergency fibre optic internet generator