Sunday, May 9th, 2010
Monetizing debt and spreading it among global markets… we saw this last year as well, but not on this scale. A trillion dollars! Because the socialist, Bilderberg Prime Minister of Greece and his Goldman-Sachs alumni Finance Minister managed to mismanage their country into the ground – mistakes were made, you understand – with help from Goldman-Sachs derivative products. The looting continues…
Related: Euro zone to regulate hedge funds, vows to fend off ‘wolf pack’ traders at all costs | Euro crisis goes global as leaders fail to stop the rot | Debt crisis: Panic on Wall Street, stonewalling in Europe | Greek rescue fears hit global stock markets | Greece swallows tough medicine in $150B bailout, more spending cuts announced | Greece erupts as men from IMF prepare to wield axe | Greece’s near bankruptcy won’t scuttle Canada-EU trade talks: minister | New austerity measures essential, says Greek PM | Greek debt crisis: Europe feels shockwaves as bailout falters | Standard & Poor’s downgrade Greek credit rating to junk status | Greek bailout not limited to ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬45bn, Flaherty warns | IMF to move quickly on Greek request for loan | Greek PM calls for EU bailout loans | Greek civil servants strike, challenge EU/IMF talks | Soros warns Europe of disintegration | Investors rush to sell Greek bonds | IMF struggles to conceal glee at Greek deal | Greece secures joint IMF/Eurozone bailout program | Greek PM threatens to go to IMF if no EU bailout | General strike cripples Greece as protesters clash with police | Athens erupts as Greek austerity plan passes | Greece unveils radical austerity package | Athen’s coffers to run dry in two weeks, more cracks appear in Eurozone | Man who broke the Bank of England, George Soros, ‘at centre of hedge funds plot to cash in on fall of the euro’ | Goldman role in Greek crisis probed | Greek workers stage general strike | How EU Countries Cooked Books Using Derivatives | Goldman Sachs Helped Greece Obscure Debt Through Currency Swaps | Collapse of the euro is ‘inevitable’: Bailing out the Greek economy futile, says French banking chief | Euro currency union shows strains | Stimulating our way into debt crises | EU leaders reach secret Greek bailout deal | Will Greece set off ‘global debt bomb’? | EU cautions Greece about its deficit | Could Greece drag down Europe? | ‘Significant chance’ of second financial crisis, warns World Economic Forum | A world awash in debt
Kevin Carmichael, The Globe and Mail
May 9, 2010
Credit line provided by Bank of Canada and other major central banks is a sign of resolve meant to avoid a global crisis of confidence
The Federal Reserve and other major central banks put themselves in position to flood the international financial system with U.S. dollars, a sign of resolve meant to keep doubt about the European economy from turning into a global crisis of confidence.
Allies rallied to the side of European governments and the European Central Bank, who announced unprecedented measures aimed to protecting the euro and bonds of countries such as Portugal and Spain from what the Swedish finance minister on Sunday called a “wolf pack” of speculators.
The Frankfurt-based ECB said in a statement that it would intervene in government and private debt markets to stabilize interest rates, something the central bank has never done. The ECB’s announcement came on the heels of a press conference in Brussels, where finance ministers from the European Union pledged a financial backstop worth the equivalent of almost $1-trillion (U.S.).