Top EU Official Calls for Bigger Bailout Fund
- Posted on January 12, 2011 at 7:02am by
Jonathon M. Seidl
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BRUSSELS (AP) — The European Union’s top monetary official says the euro440 billion ($570 billion) bailout fund for debt-ridden countries should be increased and given more powers.
Monetary Affairs Commissioner Olli Rehn said Wednesday that discussions with the 17 eurozone governments on boosting the size of the fund were currently going on “and progress is being made.”
Rehn says “we need to review all options of the size and scope of our financial backstops.”
Analysts fear that the existing backstop might be too small if a big economy like Spain runs into financial trouble. Portugal is holding a bond auction Wednesday that investors are scrutinizing to gauge the extent of its debt market problems.
The bond auction is seen as a key test of whether Portugal will end up requiring a bailout like Greece and Ireland.
The Portuguese government insists it doesn’t need help and can restore trust in its fiscal policies with an austerity program of tax hikes and pay cuts.
But most analysts predict Portugal, a small country with a frail economy, will be engulfed by Europe’s financial crisis as its borrowing costs rise to unsustainable levels.
Poor demand or punishingly high interest rates at Wednesday’s auction of 3-year and 9-year bonds would deepen tension over the continent’s financial woes.
Portugal needs to raise up to euro20 billion on financial markets this year.
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pamela kay
Posted on January 12, 2011 at 6:22pmTXPILOT, I agree.
Report Post »Carbine1
Posted on January 12, 2011 at 5:08pmScrew Brussels. Why don’t you run your own business. Get that COMMUNIST out of WAHINGTON D.C. Look at what He is destroying. Al of us.
Report Post »dontbotherme
Posted on January 12, 2011 at 2:28pmWe must remain a sovereign nation. We should also start cutting government jobs & the salaries of our Representatives & Senators. Get rid of their aids. Make them temporary workers like they were intended to be. Big dumb jerks. As for Europe, each Nation will fall. Hope they can pick themselves up by their own bootstraps.
Report Post »historypaper
Posted on January 12, 2011 at 2:11pmThe half baked socialist EU European Union’s credit crunch is about to hit the fan. When 600 billion dollars can’t fix it, it’s broke. The evil American Dollar will be spread around until Obama kills off the entire United States of America. We’ll borrow Chinese money to give to the EU so they can pay their pensions and socialist programs. Let Europe burn, won’t be the first time. They need to pay their bills.
Report Post »Mikee T
Posted on January 12, 2011 at 1:00pmMy conservative friends……….let’s stop being a party to this bull@hit !!!! Let’s rally around a true american leader…..Allen West…… an African American conservative retired Lt. Colonel and an honorable american…..Let’s get them to nominate him……and then we steal much of the minority vote from Barry……..and won’t have to tolerate the “YOU RACIST” bull@hit any more…i’m done with liberals…time to beat them at their own game……take the race card away….
Report Post »http://www.youtube.com/watch?v=VP2p91dvm6M
912always
Posted on January 12, 2011 at 5:01pmThey just say that any African American that does not agree with them is an Uncle Tom or just plain stupid. Barry didn’t get elected by the black vote alone and yet they still call racism.
Report Post »Race
Posted on January 12, 2011 at 12:23pm@IRONMAAN
Too late. Bernanke is already being hailed as a hero for saving the world from a depression (courtesy of an article on Bloomberg this morning). This means that he’ll be able to do whatever he wants, and yes, it’ll be the U.S. bailing out all of Europe, to our detriment.
Report Post »Xcori8r
Posted on January 12, 2011 at 11:28amJust like here, its a house of cards. The question is, which one goes first.
Report Post »JohnQTaxpayer
Posted on January 12, 2011 at 9:50amOK EU just do what America is doing
Print some more money
Report Post »southernloyalty
Posted on January 12, 2011 at 8:59amGet ready German people, your gonna be bailing everybody out in Europe. Maybe with luck Germany will wise up, drop out of the EU and drop the Euro as its currency which will in turn will destroy this big clumsy bureaucracy that thinks it can dictate power over all of Europe. The EU is nothing but a big failure of an idea.
Report Post »philip828t
Posted on January 12, 2011 at 8:38amwe are at the mercy of our own furture…Wake up enough people in time we can overcome anything,and change are furture. Believe
Report Post »wampanoag
Posted on January 12, 2011 at 7:55amIts easy for them to print more money!
Report Post »mhgadfly
Posted on January 12, 2011 at 7:46amThis is the process of our cumulative doom. Europe and the US are in the same boat with still no exit strategy. The US has inflated the stock market with loose and fast bankster bucks(QE1 & QE2) and we are all supposed to believe that all the empty houses, stores and manufacturing plants are no longer an issue. All the while we did away with mark-to-market and the banksters again raked in record bonuses–go figure. And all of this is being done on the backs of our lineage’s indentured servitude to our bond holders. The world is crumbling down around us and somehow the banksters come out smelling like roses and our politicians are facinated with making us buy mercury filled light bulbs. The solution Europe and America is not to spend more and more and more but to grab back hold of reality and live within your means. Yes, pain there will be but it will come eventually. Everyone knows that the debt ceiling should not be raised but, again, our politicians will cave to their puppet masters on whorestreet.
Report Post »heavyduty
Posted on January 12, 2011 at 7:34amIf the bailouts stop then they will learn to be fiscally responsible for their debts. You keep bailing them out and they will keep doing what they shouldn’t. If they can’t pay their bills now, how are they ever going to pay back the bailout?
Report Post »GeauxAlready
Posted on January 12, 2011 at 7:26amWhat’s the old saying “One‘s to many and a hunderd ain’t enough” stop spending and paying for useless people. There I said it useless people, no matter what your gender, color, family history if you can’t take care of you and yours. Well then STARVE TO DEATH. But I bet if you get hungry enough, have no place to live you’ll get a job or die. And you know I would not have had a thing to do with it, it was your choice. It’s called FREEDOM use it carefully and you will prosper.
Report Post »cykonas
Posted on January 12, 2011 at 7:22amNotice the proposed remedy; tax hikes and pay cuts. No mention of spending cuts. They are just as dumb on the other side of the Atlantic as they are here.
Report Post »dizzyinthedark
Posted on January 12, 2011 at 7:36amGood observation. Squeeze the little people until they’re dry. More riots coming.
Report Post »Helldogger
Posted on January 12, 2011 at 7:20amExactly why we do not want a North American Union. We’d be bailing our Mexico.
Report Post »Ironmaan
Posted on January 12, 2011 at 7:51amYes, but we will be bailing out/paying for California, Illinois for their progressive policies very soon.
Report Post »http://guerillatics.com
Grady Curve
Posted on January 12, 2011 at 9:12amWe have been bailing out mexico…. why do you think our border is still open and NO politician from either side will live up to their constitutional responsibility to secure our border and send illegals back to mexico… because the money they send back to mexico is in the billions… see the bailout???
Report Post »912828Buckeye
Posted on January 12, 2011 at 7:15amJust hope that more Americans see the trouble Europe is having and understand why.
Report Post »beckwill
Posted on January 12, 2011 at 7:28amYeah, right! Many Americans can’t even find Europe on a map let alone know what their financial crisis is. Dumbed down Americans will be the destruction of this country.
Report Post »912828Buckeye
Posted on January 12, 2011 at 7:34amEurope is on a map?!
Report Post »2gether
Posted on January 12, 2011 at 7:36amWhat, this can’t be!!!!!! If Europe is having difficulties well…then….I…I….shutter to think that maybe…just maybe….Glenn Beck could be….might be….at least on the right track and not…oh dear….NOT a fear monger…oh no! Please people pay no attention to that man behind the curtain,The Great and powerful OZboma, has everything under control….you are getting sleepy,
Report Post »s-l-e-e-p-y! ZZZzzzzzzzzzzz
NickDeringer
Posted on January 12, 2011 at 7:14amEU is like the teenager who got a credit card and went on a pending spree and now they expect mom and dad to come and bail them out.
Socialism works until it runs out of other people’s money.
Report Post »RightUnite
Posted on January 12, 2011 at 7:20amOur current administration are the teenagers. We need to remove them, and replace them with adults in 2012. Hopefully it won’t be too late.
Report Post »Grady Curve
Posted on January 12, 2011 at 9:10amIt is already to late…. Our enemies learned many years ago they can never beat us on a battlefield but we would be destroyed financially and socially from within…. they have infiltrated our government and lobbyist and have taken us down this path… I am afraid than when it does collapse it will be followed by a conventional military strike… The Republic is about to fall…
Report Post »AngryTexanFromAmarillo
Posted on January 12, 2011 at 12:54pmKind of off topic here but, has any else thought about the fact we did this multi trillion dollar bail out for a bunch of crooks and thieves, yet it has made no impact on the economy in a good way, I came up with my own plan that would do just that….population of the the USA (not including illegal aliens) is 307,006,550 now if instead of bailing out these crooks what if they would of just given every LEGAL American citizen 5 million dollars., and I mean those born here to American parents or those who went through proper procedures to come here LEGALLY! and gain citizenship (sorry this plan excludes anyone here on a Visa of any kind. =) that would be just over 1.5 billion dollars. total and that would include every child as well as adult in the US,
now of course you would have to figure it so they didn’t get the money until they were lets say 18, everyone in the country would be equal =) which is exactly what the idiot liberals want then we cut all well fair from the system completely, no medicaid no medicare no food stamps http://en.wikipedia.org/wiki/Government_spending and the 1.5 billion is less than what they spend every year on any one of those programs listed above. among others.
if you spend it all, that’s your problem your SOL,
not only would it take care of everyone, it would cut government spending on BS that is not helping anyone, we would save 1000 times that in government funded well fair programs, and also get rid of the idiots that run those programs. oh and no TAXES on the money then we implement a flat tax of 10% on any goods bought, 7% of that goes directly to the state you live in and 3 % goes to the federal government. then Taxes are fair EVERYONE pays the same amount no matter what. oh and since EVERY one gets the money, all 3 branches of the federal government work for free, no pay, they become REAL public servants. Military GI’s get 150,000 a year for there services, ranking officers get 200,000 and top military, Generals,Admirals and the like get 250,000 a year tax free of course. oh and everyone pays for their own health care insurance except military where they are covered 100% while in active duty 50% while inactive duty and 25% once they become regular citizens again if wounded while in combat they maintain 100% coverage for any problems directly caused by war injury.
now the kicker, =) all of the above mentioned would still cost less in a 10 year period than the bail out and our country would have the best economy in the world again. and just think Oprah has enough money to give everyone the 5 million on her own and still be a billionaire. crazy when you think about it.
Report Post »Non-sequitur
Posted on January 12, 2011 at 2:17pm@AngryTexanFromAmarillo
Err dude… you’re off by a few zeroes there.
Giving every one of 300,000,000 people 5 dollars would cost 1.5 billion dollars. Giving them 5 million would add 6 zeroes to that. $1,500,000,000,000,000 is a LIIITTLE more than we can spend. Like 1000 times as much.
I kinda distrust that little plan of yours there…
Report Post »justice
Posted on January 12, 2011 at 7:05amLet them have their problems, We have enough of our own.
Report Post »TXPilot
Posted on January 12, 2011 at 7:16amMaybe we should be watching Europe and their financial train wreck, and using it as an example of what “not” to do?
Report Post »RightUnite
Posted on January 12, 2011 at 7:19amTrue and true again!
Report Post »Ironmaan
Posted on January 12, 2011 at 7:23amThe dominios are begining to fall, and if you think that it wont eventually affect the U.S. you are mistaken. In fact, dont be surprised when we eventually end up bailing out Europe. We don’t have the money but its still going to happen. All Mr. Bernanke has to do (do more of) is print more dollars and we will be bailing them out. So…go buy some gold. Its the only way to protect the value of your dollar. In the last yr. China opend up the physical gold market to its people, in the last 6 mos they made gold etf’s available, japan has a new gold etf, india is trying to pay Iran in gold for its oil, and Mr Bernanke continues to debase the dollar by buying our own bonds. http://guerillatics.com
Report Post »TexasCommonSense
Posted on January 12, 2011 at 7:25amTXPilot, I agree, but it’s too late for that. There’s too much needing to be undone and not enough time, or will, to do it. We’re going to have to have our own Weimar Republic before people wake up.
Report Post »Ironmaan
Posted on January 12, 2011 at 7:28amActually we are already setting up to bail them out. Heres how. China recently committed to buying european bonds. To do that they have reduced the number of U.S. bonds they buy so they can buy european bonds. That makes it more difficult for us to sell our bonds, so then Bernanke has to buy them instead, which devalues your dollar. Its already affecting us.
Report Post »http://guerillatics.com
Cobra Blue
Posted on January 12, 2011 at 7:57amTexasCommonSense
You are right in that our country is not going to wake up until we have our own train wreck. Reason is because we are in so, so deep that there is no one in Washington with the conviction or BALLS to take the tough stand and begin making the changes. Why? Because to change is going to hurt. Better get prepared. Self-Reliance….For all of you that refuse to live in reality and refuse make reasonable preparations, when it all goes to heck in a hand basket…please save us your calls for help…Its going to be a rough ride. AND its not going to end over night.
Report Post »Colonial Revolutionary
Posted on January 12, 2011 at 7:58amWho’s gonna bail us out? Nobody. When we collapse it will be the set up for a one world currency as has been the plan all along.
Report Post »grandmaof5
Posted on January 12, 2011 at 8:23amTell them to have a garage sale and put the proceeds towards their “bailout” fund, that’s what many of us are having to do. It’s called “reality”!
Report Post »Polwatcher
Posted on January 12, 2011 at 12:05pmThese politicians in Europe and the USA will print every dollar or whatever until they finally lose their job. They only want to keep their job until the last bit of economic energy is gone. That is all.
Report Post »avenger
Posted on January 12, 2011 at 8:34pmsocialism at its best…
Report Post »