Greece finally got it’s bailout. Thankfully I’m not directly on the hook for any of the cash.
Euro zone finance ministers unanimously approved a detailed 30 billion euro ($40.5 billion) emergency aid mechanism for debt-plagued Greece on Sunday but stressed it had not requested that the plan be activated now.
Right. Does anyone really believe it wasn’t requested? I mean, why bother going through the process of creating a bailout if Greece didn’t want it. Everyone knows that’s a lie, so why bother repeating it?
“If the mechanism had to be activated, it would not be a violation of the no-bailout clause (in the European Union treaty) since the loans are repayable and contain no element of subsidy,” Eurogroup chairman Jean-Claude Juncker told a news conference in Brussels after the meeting.
And if they happen to forgive the loan? Does it then become a bailout an violate the no-bailout clause? I’m just askin…
The size of the International Monetary Fund’s contribution to any package was not disclosed but it would come on top of the euro zone amount.
And here’s where I become mildly concerned about my ass being on the line for the money. While the IMF is technically independent, if there’s a problem, you know they’re coming back to the US for cash. Hopefully they’ll be able to stick the Europeans with the losses when they happen.
And losses will happen on this bailout. It’s painfully obvious to anyone with a working set of eyes that Greece is nowhere’s even close to getting their house in order. Yes I know, like the US should be talking… 😉