Re: Italy
Originally Posted by
Solasch
->
Going by your posts, you most certainly care, but you might be the exception on the other britons.
"Only" 80 bn of the 700 bn is payed in cash into the ESM by members. For italy that means 17% of 80, equals less than 14 bn.
The rest is loaned through the issuance of some special ESM obligations at the capital markets.
The present loan is € 500 bn. Should italy get 17% of that, and loan approx. 85 bn, then only 14 bn could be considered to be their 'own' money. Then 71 bn (85 - 14) of that amount still would be guaranteed by all 27 members, and if italy fails from lacksity to pay back what they owe, the other 26 will have to deliver. Reputation of italy being what it is......
Make no mistake, I couldn't give a fig about the Eurozone or the EU, I just like to point out its failures, hypocrisy and lies, the typical ingredients of socialism and communism
Being a caring socialist, it's nice of you to hold your EU neighbour, Italy in such high regard. I take it that you agree with me then that solidarity in the EU is no more, seeing that Netherlands and Germany refused to mutualise (or socialise) debt ... goes without saying really.
While we are on the subject of maths (lord knows what you are on about above, but I would expect you're using your crack-pot calculator again), here is some more.
Population of the Eurozone = 350 million
Population of the USA = 325 million
USA crisis funding = $2.2 Trillion
Eurozone crisis funding = €500 Billion
How does that work then Solasch when the USA economy is far bigger, better and more successful than the (border-line recession), declining economy of the Eurozone, complete with its unemployment and 12 years of continuous quantitive easing since 2008 ?
Do you think Coronabonds are off the table when the maximum lending capability of the ESM is (coincidentally), €500 Billion ?
Oh dear .... seems to be a bit of a shortfall .... here comes coronabonds