Comments on: The Next Big Taxpayer Bailout? IMF Could Get Hundreds of Billions for European Banks http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/ Firedoglake weblog Sat, 18 Feb 2012 04:28:23 -0600 hourly 1 http://wordpress.org/?v=3.1.2 By: ichbineinberliner http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914177 ichbineinberliner Mon, 08 Jun 2009 23:33:13 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914177 <blockquote><p>And I kept hearing on NPR that the EU elections favored parties to the right of the political spectrum</p></blockquote> <p>The conservative block (EPP-ED, UEN, Ind/Dem & UK Conservatives) got 316 of 736 seats (~43%) vs 354 of 785 (~45%) in the current parliament.</p>

And I kept hearing on NPR that the EU elections favored parties to the right of the political spectrum

The conservative block (EPP-ED, UEN, Ind/Dem & UK Conservatives) got 316 of 736 seats (~43%) vs 354 of 785 (~45%) in the current parliament.

]]> By: SouthernDragon http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914145 SouthernDragon Mon, 08 Jun 2009 21:46:43 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914145 <p>The object of the exercise is to protect the holders of wealth and screw everybody else. I’ll betcha the IMF wouldn’t impose the same conditions on the European banks that they did to countries like Chile and Argentina. Fuck ‘em.</p> The object of the exercise is to protect the holders of wealth and screw everybody else. I’ll betcha the IMF wouldn’t impose the same conditions on the European banks that they did to countries like Chile and Argentina. Fuck ‘em.

]]> By: Mauimom http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914142 Mauimom Mon, 08 Jun 2009 21:02:21 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914142 <blockquote><p>I normally don’t like to sound so xenophobic, but “let Europe bail out their own banks.”</p> <p>That’s short enough to Tweet to my congressman ;-)</p></blockquote> <p>Shorter and “Tweet-er”: fuck the IMF.</p> <p>My main acquaintance with these clowns comes from my days in DC, when families whose children attended private schools could count on the IMF [or World Bank] picking up their child’s ENTIRE tuition — because, you know, it’s SUCH a hardship to live in DC, especially on the inflated salaries these guys pull down.</p> <p>Convinced me that much of the $$$ was going to “administrative costs,” not “help for developing countries.” Now that I see an additional rat hole our $$$ can be poured down, I’m even more opposed.</p>

I normally don’t like to sound so xenophobic, but “let Europe bail out their own banks.”

That’s short enough to Tweet to my congressman ;-)

Shorter and “Tweet-er”: fuck the IMF.

My main acquaintance with these clowns comes from my days in DC, when families whose children attended private schools could count on the IMF [or World Bank] picking up their child’s ENTIRE tuition — because, you know, it’s SUCH a hardship to live in DC, especially on the inflated salaries these guys pull down.

Convinced me that much of the $$$ was going to “administrative costs,” not “help for developing countries.” Now that I see an additional rat hole our $$$ can be poured down, I’m even more opposed.

]]> By: wmd1961 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914141 wmd1961 Mon, 08 Jun 2009 20:57:25 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914141 <p>The banks in EU member countries financed mortgages in non-EU countries like Poland, Estonia… these mortgages were denominated in Euros, and were servicable at the prevailing exchange rates. Since the crisis has hit exchange rates have added to the pressure - a Pole having a 1000 Euro monthly payment has to buy those Euros with Polish Zloty that are worth substantially less. EG 3.59 Z/Eu on 2/1/2008, 4.42 Z/Eu on 2/2/2009 and 4.52 Z/Eu today. This translates into monthly payments of 3590 Z, 4420 Z and 4520 Z. That’s a 30% increase in mortgage payment from 2/1/2008 to today.</p> <p>Was it foolish to take out the Euro loan? yes on both sides.</p> The banks in EU member countries financed mortgages in non-EU countries like Poland, Estonia… these mortgages were denominated in Euros, and were servicable at the prevailing exchange rates. Since the crisis has hit exchange rates have added to the pressure – a Pole having a 1000 Euro monthly payment has to buy those Euros with Polish Zloty that are worth substantially less. EG 3.59 Z/Eu on 2/1/2008, 4.42 Z/Eu on 2/2/2009 and 4.52 Z/Eu today. This translates into monthly payments of 3590 Z, 4420 Z and 4520 Z. That’s a 30% increase in mortgage payment from 2/1/2008 to today.

Was it foolish to take out the Euro loan? yes on both sides.

]]> By: redX http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914140 redX Mon, 08 Jun 2009 20:53:30 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914140 <p>So perhaps it is going to cost us a few “newly minted” billions? I am assuming that with all the fake money we are printing we have to pay off a few people (in fake money).</p> So perhaps it is going to cost us a few “newly minted” billions? I am assuming that with all the fake money we are printing we have to pay off a few people (in fake money).

]]> By: wmd1961 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914139 wmd1961 Mon, 08 Jun 2009 20:42:29 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914139 <p>The European Central bank is constrained by member countries. Germany in particular has tried to keep the ECB from monetizing member country’s sovereign debt, and I don’t believe there is a mechanism for the EU to issue Eurobonds as federation. Individual countries issue Euro denominated bonds at interest rates that reflect what bond buyers feel is appropriate for their risk of default (hence Italy sells bonds at a higher interest rate than Germany).</p> <p>That said the ECB has been expanding the money supply and lowering rates.</p> The European Central bank is constrained by member countries. Germany in particular has tried to keep the ECB from monetizing member country’s sovereign debt, and I don’t believe there is a mechanism for the EU to issue Eurobonds as federation. Individual countries issue Euro denominated bonds at interest rates that reflect what bond buyers feel is appropriate for their risk of default (hence Italy sells bonds at a higher interest rate than Germany).

That said the ECB has been expanding the money supply and lowering rates.

]]> By: Sufilizard2 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914137 Sufilizard2 Mon, 08 Jun 2009 20:24:52 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914137 <p>And I kept hearing on NPR that the EU elections favored parties to the right of the political spectrum who all oppose government bailouts. So it seems to me like they want US to pay for THEIR bank bailouts since we so readily gave a trillion or so to ours.</p> <p>I normally don’t like to sound so xenophobic, but “let Europe bail out their own banks.”</p> <p>That’s short enough to Tweet to my congressman ;-)</p> And I kept hearing on NPR that the EU elections favored parties to the right of the political spectrum who all oppose government bailouts. So it seems to me like they want US to pay for THEIR bank bailouts since we so readily gave a trillion or so to ours.

I normally don’t like to sound so xenophobic, but “let Europe bail out their own banks.”

That’s short enough to Tweet to my congressman ;-)

]]> By: oldtree http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914135 oldtree Mon, 08 Jun 2009 20:17:54 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914135 <p>How is this congress? Listen up now, as 80% of us neither want your war, your IMF funding or Joey Boy’s censorship program. How are you going to vote?<br /> I wonder who represents the people? We just don’t have enough money to bribe our officials the way the corpse’s do. I have this strange feeling the people in the red states are going to wake up and get pissed off one of these days.</p> How is this congress? Listen up now, as 80% of us neither want your war, your IMF funding or Joey Boy’s censorship program. How are you going to vote?
I wonder who represents the people? We just don’t have enough money to bribe our officials the way the corpse’s do. I have this strange feeling the people in the red states are going to wake up and get pissed off one of these days.

]]> By: foothillsmike http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914133 foothillsmike Mon, 08 Jun 2009 20:13:05 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914133 <p>OT Breaking Supreme Court to hear Indiana Fund appeal & delay Chrysler sale</p> OT Breaking Supreme Court to hear Indiana Fund appeal & delay Chrysler sale

]]> By: Eureka Springs http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914130 Eureka Springs Mon, 08 Jun 2009 20:07:21 +0000 http://firedoglake.com/2009/06/08/the-next-big-taxpayer-bailout-imf-could-get-hundreds-of-billions-for-european-banks/#comment-1914130 <p>Why can’t/won’t the EU print up a bunch of their own currency?</p> Why can’t/won’t the EU print up a bunch of their own currency?

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