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February 12, 2009
Sounds Like The EU Needs...
...a tax cheat Treasury Secretary like we've got
“Estimates of total expected asset write-downs suggest that the budgetary costs – actual and contingent - of asset relief could be very large both in absolute terms and relative to GDP in member states,” the EC document, seen by The Daily Telegraph, cautioned."It is essential that government support through asset relief should not be on a scale that raises concern about over-indebtedness or financing problems.”
The secret 17-page paper was discussed by finance ministers, including the Chancellor Alistair Darling on Tuesday.
National leaders and EU officials share fears that a second bank bail-out in Europe will raise government borrowing at a time when investors - particularly those who lend money to European governments - have growing doubts over the ability of countries such as Spain, Greece, Portugal, Ireland, Italy and Britain to pay it back.
16.3 trillion pounds.
Ouch.
More here.
Posted by Mr. Bingley at February 12, 2009 07:09 AM
Comments
IW7o4I
Posted by: Mllknewk at July 15, 2009 12:45 PM
IW7o4I
Posted by: Mllknewk at July 15, 2009 12:46 PM