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IMF Bailout For Greece To Come At SDR Rate Plus 300 bps Plus 50 bps Service Charge, Greece Says "Thank You US Taxpayers"
The IMF, realizing it had a catastrophe on its hands, has caved in and according to Reuters will provide US taxpayer money to Greece at vastly below market rates of the SDR rate plus 300 bps plus a 50 bps service charge. With the SDR rate at 0.26%, this comes out to a ridiculous 376 bps, or massively below where Greece could possibly borrow at market. And guess who takes the first loss risk on a pro rata basis? That's right US taxpayers - you. At least when Greece bankrupts eventually, which it will, and the debt is equitized, the US, well more like Lloyd Blankfein, will become owner of the Cyclades at zero cost. Win win for everyone except 99.5% of America.
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Can I have one of those little islands when they default?
I think it is a bit of stretch to state that the US taxpayer is going to pay for this. The reality is the whole global financial system is based on the fiat US currency which the US can print/create at absolutely zero cost.
So, why should the US be the only beneficiary from this fraudulent system. If the US wants the rest of the world to continue with this USD reserve currency system, then they will also need to be covered when they spend recklessly just like the US.
The endless entitlement benefits being provided to all and sundry in the US is also a feature of this out-of-control system. The Greek are entitled to a small share of this endless feeding-at-the-trough.
I think you are wrong. Let me see if I can get this right.
Am I right? Anyone? If not, please show me. However, please do not respond with some link to a 45 minute video with animations of Thomas Jefferson and Ben Franklin.
double posting
So Greece gets short-term cash-flow help at the same cost as PORTUGAL...5Y CDS was not impressed and leaked wider off its smash tights...
Not a single clown in the Lame Stream Media will report it like this, thus the slack-jawed yokels around you will not care at all of their own involvement in bailing out a foreign country.
IMF Bailout=Problem solved! US Taxpayers don't mind bailing out other countries--happy to help! I'm sure everything will work out just fine.
Take your pick fellow tax payers:
http://www.google.com/products?q=boat%20bailer&rls=com.microsoft:en-us:IE-SearchBox&oe=UTF-8&rlz=1I7GFRD_en&um=1&resnum=4&ie=UTF-8&sa=N&hl=en&tab=if
I'm truly at a loss for words......
Well collateral containing the Greek islands and the Acropolis seems to be in the spotlight again and at least after the Greece has defaulted, all the US citizens will be able to go to vacation to Greece for free…
Can I has one of those cool Spartan helmets with the hoarse hair thingy on top?
You are incorrect, everyone wins except 99.999% of all US citizens.
More lies, cheating and stealing from your kids, but that's okay because it is from the next generation.
Don't ask, don't tell.
I think it's only 52% of Americans that pay income tax. Of course everyone will "pay" in the end.
Who's next to get bailed out? Step right up, keep a straight and orderly line please. Ben Dover Bernanke could you click up another trillion? We are running kinda low.
If a parent did to their children what the US government is doing to their children, a mob would torture them so badly that they would think William Wallace got off easy.
Wasn't the Greek thing last months news? I thought it was solved
Confused enought yet? Markets are confusing the hell out of everyone and making no sense. I guess that's the idea.. so to ensure only the few insiders.. the .5% remain so.
well there you have it. TBTF wins again. Precedent locked. Let the printers run loose.
Everybody realizes that this is just bailing out debt with MORE debt, right? Its not like the US has the money to lend, so in the end, its really not costing the taxpayers anything, since they can't even cover US obligations let alone loans to other bankrupt countries. What a farce this whole system is.
+1
Roger that
Does each U.S. taxpayer at least get his or her pro rata share of the award miles for this balance transfer?
PS: ZH server is slow. Time for a new hamster in the wheel.
BTW, I fricking told you so, didn't I?
LOL. Ya saw that one coming did ya...
Alan Grayson just asked "Can you tell me how I can get a deal like that?"
I'm going long '59 Les Pauls, and gold. Short everything else.
Thanks for the tweet commentary, Tyler.
Next up to the trough... PIIS.
A little later, let's see what the IMF can do with England. Then Japan.
This.. Is.. STEALING!!!!!!!!!
Um. Prisons, laws, a finanicial system that is designed to allow governing bodies to do what they want and then make the citizens pay for it after the fact as a "debt" and you were expecting......
but that doesn't sound like SPARTA!!!!!
The agreement is only for loans up to 3 yrs. So we'll be doing this ALL OVER AGAIN 3 yrs from now.
Who will be our 51st state -- Greece or Iraq?
both will be states to keep it equal and because they each have oil. One we need to pump from the ground, the other we need to grow from the ground....hahaha
Tax revolt to follow. Phuck this.
Gee I wish I could say I was shocked. Just another day playing the global game of Bailout Mania. Their going to keep screwing the US taxpayers and peasants until this all ends in tears and blood. This is really sad, the politicians and bankers need to read about the French Revolution...this is all starting to bear a striking resemblance. The only thing left is massive price inflation and food shortages, then the bloodbath will begin. I need to go listen to some pump monkeys, maybe they will cheer me up.
This has "Born to Lose" all over it. Has the exact same flavor as the Chrysler/GM bailouts. Prepare to be raped.
Prepare to be raped?!
Dude we've been passed around like teenage sex slaves at a biker rally for years!
good point. My bad.
Correction: Prepare for more dick buffet!
The US through TARP has scored double-digit dividends in the course of being raped -- but I guess even if the victim cums, it's still rape.
If this isn't sarcasm, you're an ass-clown.
If I recall, last summer Obama included 100B payment to the IMF in his war funding bill. So here we have it yet again: US taxpayer’s money bailing out Athens which will immediately use it to pay off their creditors (the banks). I read on some other blog that the way our financial system is constructed (rigged) all solutions benefit the banks.
----in perpetuity.
Starve the Beast by pulling all money out of large banks, stop using credit cards of any kind, stop letting them use our money as leverage for anything, buy locally made goods and food, start helping each other.....
Agreed.
But I was thinking....perhaps i'll just max out all my credit and buy silver.
The US isn't the only one funding the IMF, but they have the heaviest quotas.
Take it easy Captain Cynicism.
May I say this? F*ck you Bernanke. F*ck you Oreobama. F*ck you Geithner. F*ck you EU. F*ck you IMF. F*ck you Papandreou, Papadopolis, Papadoc, everybody. F*ck you Mamas and the Papas, close enough.
EU is now Goldman Sachs, tails I win, heads you (American taxpayer) lose. F*cking parasites, held off long enough for the US to cave. Well, I am now a part owner of Greece and if I see a statue I like, it's coming home with me. I'll beat Elgin. I'm taking a pick axe to the Parthenon and grabbing some souvenirs, maybe sell them at a flea market. That Lion Gate at Mycenae is going to be a dramatic entryway to my sitting room. I welcome every American or Japanese (IMF paymasters) to take what they want, too. And every damn glass I drink from I break.
If I cannot say this, then never mind. For those of you who are perhaps products of the US education system, buy a f*cking vowel. *=u.
But we *have* to help them out -- we need *someone* to buy our Treasuries. lol They don't have any money of their own...so...we'll just print some of ours and give it to them.
That's almost as nutty of an idea of having the right hand sell it to the left hand. Err... Wait...
The people approving these deals will never have to foot the bill, so what do they care?!?
...and somewhere in the world, there's a guy who said to load up on solar stocks and 7% Greek bonds who's laughing all the way to the bank.
ευχαριστ? Αμερικ? το ο?ζο ε?ναι για εμ?ς
Ok, let me get this straight.... The IMF will bailout Greece with US taxpayer money ? Last time I looked at the national deficit we were approaching the -12.5 trillion mark. How can a country that is on track to lose 1.7 trillion this year possibly bailout a country that only needs several hundred billion? The bigger question I have is why wouldn't we bailout California first, the 7th largest econonmy in the world before we worry about Greece, the 27th largest economy in the world? Everybody seems to worry about Greece yet we have 47 States on the brink of disaster, Cities about to go bankrupt, and a National debt we can never re-pay. It seems to me we are trying to divert the blame of the upcoming global meltdown on the little freckle faced kid down the block. When the currency ponzi house of cards comes crashing down, we can say it was the Euro zone that caused the crisis and sent us back over the cliff. I honestly don't believe people will be that stupid and when reality sets in it will cause nothing but turmoil for the generous US taxpayers that came to the rescue and attempted to save the world. Again the only qustion I have at this point is which act of speed will break the sound barrier first? The hands of the currency shell game being played by the FED and the IMF or the hands of our own national debt clock?
http://www.youtube.com/watch?v=n0NYBTkE1yQ
Because Cali doesn't have the same financial impact weight as a non-sovereign default as would Greece have if it defaulted. Also the city of Milan imploded under debt and no one even noticed. And Milan is practically the Atlas of Italian economy, with Turin of course.
Ok, I was of in my prediction by 3 days, but still ...
Can someone tell me how are the Greek bonds performing in this post-bailout environment ?
All Greece needs to do now is carry these loans over to 10year T bonds and collect 25bps for their trouble, nice one, Hopefully this may ease this debacle but surely the other PIIS and the UK would spend and spend more for these terms, Why not? Its a joke.
Grow up, it's not the US taxpayer bailing them out, it's the printing press.
In other words, anyone who holds dollars is bailing them out.
I'm confused
I thought the IMF along with all banks create all loans out of thin air? thus the american taxpayer is not on the hook unles the loan goes bad?
I find it interesting how far those who make money off the corrupt system will go to keep it. Of course it is for our benefit, we pay to make them rich. LOL
time for the revolution
they just can't admit their system failed.
Looks like something is a bit off. Not like it really makes a difference in the long run, but looks like it is an EU bailout equivalent to IMF terms (Reuters). The chow line forms to the left.
New Greek saying: beware of IMFs bearing gifts.
Last few days am repeating again and again tht you fellas for yr own reasons are distorting facts to the point of poor propaganda.
Now you are trying pass the notion tht the whole amount it wl be IMF money whc belongs and charged to US tax payers, missing tht all the countries contribute proportionally to IMF . Greece has upto now contributed 1 billion USD and according to IMF rules has the right to claim on a loan by tenth i.e 10 billion.
Furthermore IMF is not going pay the whole amount of abt 20 billion but most probably this wl be equally shared btwn IMF/EEC.
Don't see why the itches
again I thought they created it out of thin air
This is a slippery slope. Any country could lower their tax rate to 0%, hand out stimulus checks to every citizen, and then beg for a bailout. What is the incentive to do the right thing? Politicians are the last ones to abide by a high code of ethics.
I thought that Bernanke told Ron Paul that the Federal Reserve had no intention of getting involved in Greece's financial problems. I guess this is just another lie we can add to the long list.
pretty soon the sovereign bonds will have to be backed by land or other real things instead of "full faith and credit" ...