The European Union Taps MAC

It seems that the $110B Euro bailout of Greece was not going to be nearly enough since many other nations are finding themselves in the rears. As reported by Deutsche Welle, the European Union (EU), the International Monetary Fund (IMF), and individual EU members have decided to contribute $850B Euros ($1T US) to use for bailing any troubling EU Country. This will initially mean Greece, Spain, and Portugal, but could include more if things progress elsewhere.

Since the economic turmoil that escalated in Greece, the DOW Jones has been hectic at best plummeting below 10K at its worst. Since the approval of this "eurozone-stability package" the DOW has been on the rise as tensions are relieved on Wall St, and is currently up over $300 on the day.

The single most troubling fact about this package is that the IMF receives more funding from the US than any other nation, actually more than triple of what most nations contribute. The US foots 17% of the bill with Japan in second paying 6%, so the $250B Euros ($320B US) that the IMF is contributing will actually contain $54 Billion dollars contributed by the US. That is of course considering that the IMF is actually receiving the funds that all other nations are promising and not simply being held afloat by US support, which could mean that a much larger portion is actually US funded.

IMF Funding by Members


Members currently using the Euro:

• Belgium
• Germany
• Ireland
• Spain
• France
• Italy
• Luxembourg
• the Netherlands
• Austria
• Portugal
• Finland
• Greece
• Slovenia
• Cyprus
• Malta
• Slovakia

Read More HERE @ DW-World.com