Saturday Crisis Update: G20 Wants to Push European Bailout Fund to $2 Trillion

CrownThomas's picture

This just out from Reuters:

  • G20 Finance leaders push to increase European bailout fund to $2 Trillion
  • Want to combine ESM & EFSF, creating ~$1 Trillion dollar fund
  • IMF to request $500 - $600 Billion in "new resources", which combined with current funds puts it at ~$1 Trillion dollars
  • Germany remains the thorn in the socialists Eurozone's side
    • Schaeuble: "It does not make any economic sense to follow the calls for proposals which would be mutualizing the interest risk in the euro zone, nor in pumping money into rescue funds, nor in starting up the ECB printing press"

So this is on top of Wednesday's $600B LTRO? Sweet.

As I pointed out here, U.S. contributes 17% of the total funds to the IMF. How much did Obama put into his contingency slush fund in his 2013 budget - hopefully $102 Billion.

And someone please tell Wolfgang that he's too late: