Greece Gets $61 Billion Bailout From EU, IMF

Filed in bank of america, citigroup, Debt, economy, euro, Gold Market, Jim Rogers by on April 12, 2010 0 Comments

Spain and Portugal must be licking their chops… After endless speculation, the EU is getting closer to bailing out Greece. The deal isn’t finalized yet— despite the headlines and leaders trumpeting a deal, which almost reeks of desperation. But there has been progress… if you can call it that. Germany is caving from pressure to put a deal together, after making a lot of noise about moral hazard in recent months. They’ve tentatively agreed to provide roughly one-third of a massive $61 billion package. The aid will come in the form of low-interest three-year loans. Greece has $9 billion in notes coming due this May, which explains the announcement’s timing. Advertisement Little-Known “Profit Algorithm” PROVEN The numbers are in – and they prove that huge profits from one specific kind of resource investment can be predicted with startling accuracy… And right now, this “algorithm” points to a historic chance at as much as 57 times your money . Get the proof and details FREE right here . The EU’s Bazooka But Greece will only use the lifeline if a rescue becomes necessary. So they say… (That should sound familiar to U.S. readers. Remember Hank Paulson and his financial bazooka?) Back in mid-2008— when he was selling Congress on unlimited bailouts for Freddie and Fannie— then Treasury Sec. Paulson said, “If you have a bazooka in your pocket and people know it, you probably won’t have to use it.” We all know how that turned out. Pretty well— at least for Paulson’s buddies. It let them keep dumping questionable loans onto the public’s lap. Meanwhile, Freddie and Fannie continue to hemorrhage billions and require government backing. It looks like EU financiers are using a similar ploy to sell this bailout to their citizens. It’s a lot easier to sell an expensive plan when it “may not be needed at all.” There’s no doubt that Greece is going to need the cash. The question should be whether $61 billion will be enough. All this does is buy Greece a little time. They now have three …

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Greece Gets $61 Billion Bailout From EU, IMF

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