The report from Fox Business News
is linked here
. Ginormous and humungus financial losses, such as these in Spain and those of the clearly already crippled banks in Greece, to be presumably eventually covered from elsewhere in Euroland, are presently being funded by the ECB, but who is providing any guarantees for such ECB spending of these mind-boggling sums? That seems to remain a bit of a mystery shrouded in the Scotch Mist of TARGET2
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