5/11/2010

IMF loan fund for Greece and EU now up to $54 billion?

CNBC reports that the size of the loan seems to have increased. Greece, problem delayed, not solved.

Determining the exact exposure at this point is nearly impossible until governments start stepping up to the window created by the European Union and the International Monetary Fund to stem the crisis in Greece and elsewhere on the continent.

But one rule-of-thumb formula puts potential US exposure at $54 billion should the entire IMF loan fund be tapped.

And that doesn't count the added exposure created by the Federal Reserve's decision over the weekend to participate in currency swaps to provide liquidity to jittery European banks. The swaps move resembles the Term Auction Facility the Fed instituted when the worst of the US financial crisis hit in 2007-08. . . .

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1 Comments:

Blogger Angela said...

It seems I recall that there's some clause in the constitution that requires all spending to originate in the House. So much for that, I guess.

5/11/2010 6:55 PM  

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