IMF, Europe In Trouble

IMF, Europe In Trouble

Is anybody surprised by this headline? This is the ticking of the clock approaching midnight and the folks running the show still haven’t figured out how to stop the slide…

Christine Lagarde: IMF may need billions in extra funding

Christine Lagarde has signalled that the International Monetary Fund (IMF) may have to tap its members – including Britain – for billions of pounds of extra funding to stem the European debt crisis. (more…)

CHINA TO OWN WORLD!!!

We never thought we would see the day in our lifetimes when the COMMUNISTS would end up OWNING everything, but thanks to Wal-Mart and stupid American moos sending all our money overseas, it’s going to be an interesting Xmas this year as China has the cash and attitude to buy Europe.

Fresh humiliation for eurozone as China says it will bail out debt-ridden nations

China has said it is willing to bail out debt-ridden countries in the euro zone using its $2.7trillion overseas investment fund.

In a fresh humiliation for Europe, Foreign Ministry spokesman Jiang Yu said it was one of the most important areas for China’s foreign exchange investments.

The country has already approached struggling European countries with financial aid, including offering to buy Greece’s debt in October and promising to buy $4billion of Portuguese government debt.

‘To have any discernible effect China will have to buy a lot more than 5billion euros if they expect to have any impact on the negative sentiment surrounding Europe,’ said Michael Hewson, currency analyst at CMC Markets.

China’s astonishing economic growth has put it on track to overtake America as the world’s economic powerhouse within two years, a recent report claimed.

But experts believed still be some years before America’s leadership role is really challenged – largely because Beijing has given no indication it is ready to take on the responsibility of shepherding the world’ economy.

And now, RedLemur’s musical take on the situation…(my apologies for not being able to rip the audio from the video).

(If we don’t laugh, our heads are going to explode.)

We Are Sliding Into The Abyss

No joke kids.

EU Preps $645 Billion Fund to Fight ‘Wolfpack,’ Debt Crisis

May 10 (Bloomberg) — European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.

Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, the 16 euro governments sketched out plans to make 440 billion euros ($570 billion) available, with 60 billion euros more from the EU’s budget, according to three officials at the talks in Brussels. An additional, unspecified sum may come from the International Monetary Fund, the officials said.

“We are going to defend the euro,” Spanish Economy Minister Elena Salgado told reporters as she arrived to chair the meeting yesterday. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”

EU and IMF agree €720bn boost for rescue plan

The European Union and the International Monetary Fund early Monday morning agreed an emergency funding facility worth as much as €720bn (£625bn) in loan guarantees and credits to stabilise the eurozone before financial markets opened.

As part of a massive EU plan to shock the markets into believing eurozone finances were sound, the European Central Bank was also set to play a big role by buying eurozone government debt.

Fed/ECB/BoE/SNB Re-Establish Temporary Dlr Liq’ty Swaps

WASHINGTON (MNI) – The following statement was issued by the Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank:

In response to the re-emergence of strains in U.S. dollar short-term funding markets in Europe, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing the re-establishment of temporary U.S. dollar liquidity swap facilities. These facilities are designed to help improve liquidity conditions in U.S. dollar funding markets and to prevent the spread of strains to other markets and financial centers. The Bank of Japan will be considering similar measures soon. Central banks will continue to work together closely as needed to address pressures in funding markets.

Federal Reserve Actions

The Federal Open Market Committee has authorized temporary reciprocal currency arrangements (swap lines) with the Bank of Canada, the Bank of England, the European Central Bank (ECB), and the Swiss National Bank. The arrangements with the Bank of England, the ECB, and the Swiss National Bank will provide these central banks with the capacity to conduct tenders of U.S. dollars in their local markets at fixed rates for full allotment, similar to arrangements that had been in place previously. The arrangement with the Bank of Canada would support drawings of up to $30 billion, as was the case previously.

These swap arrangements have been authorized through January 2011.
Further details on these arrangements will be available shortly.

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