IIF estimates Spanish bank losses €216 to €260 Billion
The EFSF emergency funding and that of the EFSM, the only two so far actually agreed, can provide nothing like sufficient sums, with or without the IMF.
Why is this plain fact not being discussed in the constant and ongoing mulilateral meetings or at least raised in the press conferences that follow them! The math is perfectly obvious!
Labels: EFSF, EFSM, Spanish Cajas
2 Comments:
This is what the UK is on the hook for, well at least officially.
"The ECB is entitled to call upon the Bank of England for up to €50 billion of the UK’s currency reserves. Under Council Regulation 1010/2000 of 8th May 2000, the ECB has the legal right to call on individual member countries’ national reserves (€50 bn in the case of the UK) should the viability of the ECB be at risk.
The EIB can call upon up to €35.7 billion from the UK, should it lose money on the loans that it has made to governments and organisations in vulnerable economies such as Greece, Portugal, Spain, Italy and Ireland.
The UK currently has a €60 billion liability to the European Financial Stabilisation Mechanism (EFSM). Solvent members are required to jointly take on the insolvent member’s debt.
The UK’s €1.9 billion of paid-in capital to the EIB and a further €1.6 billion to the European Central Bank (lodged to pay the UK’s share of its costs) is also at risk."
http://hat4uk.wordpress.com/2012/05/21/euroblown-to-hell-with-the-rules-say-eurozone-members-maybe-britain-should-be-saying-the-same/
Thanks for that Rossa, perhaps we should add "Plus anything else Cameron, Clegg and Osborne decide to throw away at the problem before they can be removed!"
Post a Comment
<< Home