Sunday, May 08, 2011

European Finances (and you thought we had problems)

Calculated Risk: Updates on Greece and Ireland

Ireland won't pay back the bailout "loans" they just received. (Not at the current interest rate anyway.)

Greece isn't meeting its targets for cutting deficit spending, so they will need another bailout.

And since the Dutch aren't too happy about their part of footing the bill (and vocally unhappy at that) they got cut out of the Greek talks.

The UK - even though they aren't part of the Euro - are also on the hook. And not happy about it. £7 billion for the Irish bailout. Between £4.3 billion and £6 billion for the Portuguese handout. Another £1 billion for the Greek tragedy, with more to flow through the IMF.

One big happy family? Not hardly.

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