Picked up this line from the newswire:
"The IMF has said banks across the continent might need up to €200 billion ($267 billion) in new capital."
Greece owes €340 billion, mainly to French and German banks. So I think the IMF's guess might just cover the tab for the amount Greece will default on its debt - if one is optimistic.
My estimate is that Greece will pay no more than 40% of its existing debt. That's what Argentina paid 10 years ago, and I see no reason to place Greece in a superior economic and repayment position.
Tthere seems to be no failure of optimism at the IMF. I guess all the other countries in the Eurozone will just be fine, fine, fine.
Oh yeah, Sarkozy and Merkel reached a deal on French and German bank recapitalization - but they can't tell us about it until they run it by Finland and Austria.
The German and French tax payer should start singing along to Alanis Morissette's "Hand in my Pocket" because their governments most certainly will be robbing them soon. The IMF,Merkel and Sarkozy can sing the chorus.
French and German Taxpayer sings:
I'm broke but I'm happy
I'm poor but I'm kind
I'm short but I'm healthy, yeah
I'm high but I'm grounded
I'm sane but I'm overwhelmed
I'm lost but I'm hopeful baby
The IMF, Merkel and Sarkozy sings:
And what it all comes down to Is that I haven't got it all figured out just yet
'cause I've got one hand in my pocket And the other one is giving the peace sign
I feel better already. Music soothes the soul.
"The IMF has said banks across the continent might need up to €200 billion ($267 billion) in new capital."
Greece owes €340 billion, mainly to French and German banks. So I think the IMF's guess might just cover the tab for the amount Greece will default on its debt - if one is optimistic.
My estimate is that Greece will pay no more than 40% of its existing debt. That's what Argentina paid 10 years ago, and I see no reason to place Greece in a superior economic and repayment position.
Tthere seems to be no failure of optimism at the IMF. I guess all the other countries in the Eurozone will just be fine, fine, fine.
Oh yeah, Sarkozy and Merkel reached a deal on French and German bank recapitalization - but they can't tell us about it until they run it by Finland and Austria.
The German and French tax payer should start singing along to Alanis Morissette's "Hand in my Pocket" because their governments most certainly will be robbing them soon. The IMF,Merkel and Sarkozy can sing the chorus.
French and German Taxpayer sings:
I'm broke but I'm happy
I'm poor but I'm kind
I'm short but I'm healthy, yeah
I'm high but I'm grounded
I'm sane but I'm overwhelmed
I'm lost but I'm hopeful baby
The IMF, Merkel and Sarkozy sings:
And what it all comes down to Is that I haven't got it all figured out just yet
'cause I've got one hand in my pocket And the other one is giving the peace sign
I feel better already. Music soothes the soul.
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