Sunday, February 14, 2010

US to be on the hook for 1/5 of all IMF loans

Acch!!!

Zero Hedge:

[T]he IMF now has access to just over $500 billion in firm commitments as part of the IMF's April 2 agreement to triple its lending capacity to $750 billion.

As the IMF's bail out role will soon achieve much greater prominence, we present the full listing of countries pledging support to the IMF. The US comprises roughly 20% of total backstop capital. In other words for every dollar the IMF provides to Greece, Portugal, Spain, Italy, Hungary, Bulgaria, Latvia, Ukraine, etc., American taxpayers will be on the hook for 20 cents.

IMF Managing Director Dominique Strauss-Kahn Welcomes U.S. Congressional Approval of IMF-Related Legislation, Including U.S. Financial Commitment of Up to US $100 Billion (June 18, 2009) (Oh, not only that $100B of funding comes from Japan, a country that's virtually broke, 1B (pounds, I guess is the currency) from Portugal, 4B from Spain, and 10B from Russia. Good luck with that. Those countries are all broke. They only have access to a $500B credit line. We went through virtually 3x that in a year! Good luck. This entire thing is a deck of cards.)
Bookmark and Share

0 comments:

Post a Comment