Friday, May 6, 2011

$116 Billion Bailout Package for Portugal

The International Monetary Fund and the European Union have announced a joint financing package worth €78 billion (about $116 billion.

The EU has pledged a total of €52 billion. The IMF’s contribution will amount to €26 billion, to be provided over three years under the Extended Fund Facility.

Portugal is the third member of the 17-country euro area to seek assistance from the IMF, after Greece and Ireland.

This is the continuation of global bailouts for the benefit of the global banksters. Since the EU and IMF have funds only as the result of taxation of citizens of members and money printing by member states, the ultimate cost of these bailouts falls on poor suckers like you and me.

1 comment:

  1. Let's just buy 'em. We can make 'em a territory like Puerto Rico, Guam, American Samoa and we can add a new quarter to our collection.

    All sandy beaches will be clothing optional in our new territory.

    ReplyDelete