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Dom S-K (IMF) Says US Taxpayer Subsidy To Greece Should Have Come At Cheaper Rates
IMF CHIEF SAYS EUROPEAN LOAN SHOULD HAVE BEEN AT IMF RATE
Because, you know, it is so usurious and greedy of US taxpayers to demand a 5% rate for a 3 year loan to a bankrupt country. As we get more on this preamble into QE2, we will post it. Presumably someone is transcribing the monologue by Mrs. Dominique Genghis-Khan, aka Shalom of the Old Country.
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Subprime planet spreading to a universe near you!
If the bonds of every sovereign and financial entitry are all to be bailed out, why does any bond, anywhere in the world, yield any more or less than any other?
Shut up Dominique. The loan was done with
the absurd clause that the DIP would be
junior to existing debt. This act would
put a private banker out of work for gross
breach of fiduciary duty. How much do you
want to save your French banks?
+100.
But of course, we set the precedent with AIG, didn't we?
WTF, Dominiqueek...
Jeeez, the little shit acts like it's somebody else's money....just like my 12 year old.
Three Cheers for the Responsible New World Order.
Slightly off topic but just caught this from BB:
http://www.bloomberg.com/apps/news?pid=20601085&sid=a6yruBaYCgqk
Shrill, almost hysterical denials that Spain is in the same pot as Greece is the greatest proof of the contrary. Denial is now counter effectual.
Yep, Moody's and Fitch reiterate Spanish insolvency with AAA rating
http://online.wsj.com/article/BT-CO-20100504-704626.html?mod=WSJ_latestheadlines
Hahahahaa, courtesy of Minyanville...
"The EU's European Commission is warning the credit rating agencies that it will investigate their evaluation of countries' debt, according to Reuters. The Commission is also considering the idea of creating its own agency to rate countries' debt."
Well hell, we do it, why shouldn't they?
Considering that the current administration would have no control over an EU rating system; it would certainly be entertaining to see how they rate US debt.
What's more funnier, Greece contributing 1,600+ million sdr for IMF's NAB, or the quote above?
Ok, so if you really want to get there when you get to yield curve, for love of gawd hang left!!
Should get interesting if everyone starts doing it. Mutual Assured Destruction of all sovereign ratings.
Maybe a European credit rating agency where every European House of Parliament gets to vote on every rating before its is published? Or make it a really streamlined process and just have the European Heads of State vote yea or nay.
rolling...i mean, come on, don't we all know by now that Timmy gives money away.....the taxpayer, ? you think he cares? why should the IMF money be at any greater cost than what JPM gets it for?
with the help of the mainstream media, most people will never know that the people of Greece are still going to be able to retire at 53.
Yeah, our own people will lose more of their houses and even more folks will starve or go on food stamps, but who cares? timmy?
don't make us laugh.
"Mrs. Dominique".
Lol.
Why don't you just give them the money? They aren't going to pay it back anyway.
Someone needs to tell the Greeks to relax. They are first off the launching pad but many other countries are fueling up and are right behind them. They might think they are on their own but don't worry, others will join in the not too distant future.
Bite me and fuck off!
Fucking fine, no money for you. Rot in hell. Get your own goddamn printing press.
Remember Greece has one of the Euro printing presses. Who's to say they won't print their own Euros???
Thorazine with an Ouzo chaser for the lady.
Dude, you holding?
Let's all have some Ouzo and Thorazine, then hold hands, and all default together.
Wheeeee!
LOL
Senior DIP Financing Subordinate to the Worthless.
Drawn from the Great American Socialist Capital Structure Model as per GM and Chrysler, wherein the UAW got Fucking Equity.
Must be in Solidarity with the Public Sector Unions in the Land O' Homer. A Gift from the SEIU. For us Taxpayers, Loosely Translates in Ancient Greek Tradition to; "Up the Arse Again".
No IMF money until late Sunday decision... so what we have so far is another non-bailout bailout.
Yeah and the U.S. taxpayers are the freakin' junior note holders.
EXACTLY - this one point is SO FUCKED UP that i almost broke my screen when i read it earlier. WHY THE FUCK IS THE US TAX PAYER SUBORDINATED TO THE FUCKING EURO BANKS WE ARE BAILING OUT?!?!!?!?!?!?!??!
why the fuck do you think? who do you think is important here?
The comment was that the loans from European nations should have been at the IMF rate, so the headline is wrong.
As for the whole US taxpayer bailing out anyone bullshit, it's just bullshit. By continuing to lend the largest amounts of printed FRNs to the IMF, the US is able to continue the illusion that the economic is just fine and dandy, rather than Greece but with a bigger army. The moment foreign nations realize how screwed the US really is, it is game over. So think of the loan as a necessary evil.
They already know. Every body knows.
Everybody Knows (Leonard Cohen)
http://www.youtube.com/watch?v=h27HRNm_r4U
Since we are on the topic of Leonard Cohen, how about "Closing Time"
http://www.youtube.com/watch?v=vVt6vhRAu3k
Also quite appropriate
Never heard that one before. Thx.
Ahh, the ultimate put-down. "How about some Greenbacks"? I love ZH. Clearly the "Euro" can't really "go down" anymore. Next stop? Piano wire...And you were saying our "authorities" are being...unsuccessful was it? Did I forget to add "I love ZH."
I am fairly certain ron insignia was the inspiration behind the bobblehead.
I thought Benny boy told Ron Paul that the Fed would not take part in bailing out Greece. I guess I can just add that to his long list of lies.
The moment that foreign nations realize how screwed the US really is has already come but since they too are fucked up while Uncle Ben and Boy Timmy are willing to give them handouts, they will keep smiling and nodding their heads.
Now that someone has pushed the "sovereign debt ball" down the hill (Merkel with the orderly default comment) we'd better hope for some calm and order because Greece is far from alone. Government's have wasted trillions over the past 18-months kicking the ball down the field but unfortunately the goal line hasn't moved.
Anyone want to bet who will be the "Lehmann" of Europe? - you know, the one example on why moral hazard is not broken. I suspect it will be Portugal since they are looking to boot them anyway. Although a case could be made for Ireland.
Place your bets.
Having had the priviledge of contributing to the salaries of the bankers who blew up the US Financial system, the American taxpayer now gets the opportunity to do the same for the politicians who blew up Greece.
Well, at least we know the money will be well spent...
http://bit.ly/92QKYt
...a committee to manage Lake Kopais, which dried out in the 1930s…
Yeah, but there was a wet spot left behind.