Tuesday, December 29, 2009

Cleaning up after the banksters

As sovereign states teeter on default, the current institutions stand ready to step in--at a price.  Naturally, the "price" will fall most heavily on the poor citizens who had NOTHING to do with creating the mess.
No IMF Aid Expected for Greece
EU to Solve Financial Fiasco Alone
Beleaguered Greece is one of 16 European Union member states that are members of the common currency euro zone.
A growing roster of central bankers and politicians are opposed to the idea of an IMF bailout for Greece. They argue it would violate European Union law and that the bloc is big enough to solve the problem on its own.
It is becoming increasingly unlikely that the European Union will allow the International Monetary Fund (IMF) to step in and provide ailing euro zone member state Greece with a bailout. A growing number of politicians and central bankers are opposed to any form of IMF intervention.
"We don't need the IMF," Axel Weber, president of Germany's central bank, the Bundesbank, said, according to a report published in Monday's issue of SPIEGEL. Weber noted that it is illegal in Europe to finance budget deficits using the kind of central bank funds which are at the IMF's disposal. With his statement, Weber joins ranks with German Chancellor Angela Merkel, who believes IMF intervention would send the wrong political signal. The EU, she believes, is strong enough to handle Greece's problems on its own.

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