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:



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chubbar's picture

DSK says he didn't know they were prostitutes because they were all naked! Doesn't the guy own a mirror? He thinks a bunch of gorgeous 20-somethings are going to be screwing his brains out because they like old, wrinkly, fat guys?

LowProfile's picture

How dare you compare them to our noble simian cousins.

max2205's picture

TD. What's the US contribution going to be? 90%?

max2205's picture

Gold up limit for the entire month of March

Chartist's picture

Of course it's 2 trillion, hell it's 10 trillion all said and done.....The only stupid people in this world paid their mortgage and paid their credit card balances in full monthly.

chubbar's picture

They want to combine the ESM and EFSF and then increase the total to 2 Trillion. Do we need to revisit the terms of the ESM?

The ESM rules are essentially stating that all fiscal control of a country reverts to Brussels when you accept ESM funds. Its a no escape clause, full recourse contract that no one in their right minds would ever sign. It extends full immunity to all actions of its members (Brussels) and allows for no modifications by any government. It is an airtight abbrogation of sovereignty by any nation taking funds. I wouldn't discount that this has something to do with their end game.


JohnG's picture



Looks like it's getting close.  What wil Chairsatan do??  Hit print overdrive?

Or has he already?



mt paul's picture

          ' got gold  '

more than yesterday..