European countries came out with the big (and expected) announcement today that they will have 500B Euros ready for loans. Some reports say 900B! Or 1T, whatever, all funny money anyway.
Given that Italy’s ($126 billion), Greece, Spain, Portugal, Ireland and Italy have a total of $215 billion of debt coming due in the next three months (as per JPMorgan), I was wondering which countries are ponying up the money or where this money is coming from.
I loved Mish's quote today:
"I do not know what tomorrow or even next week brings, but what I do knowThis whole situation and the positive reaction to this news is absolutely bizarre and tragi-comical. It's laughable, but they should really cry. If they are really creating hundreds of billions of Euros, that currency will die.
is you cannot defend the Euro by printing 440 billion of them."
This must all be a joke, a terrible, very bad joke. What a circus they have made.