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Reply #80: IMF drawing up 500bn package to save Italy, Spain and the euro [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 09:53 AM
Response to Reply #78
80. IMF drawing up 500bn package to save Italy, Spain and the euro
Edited on Wed Nov-30-11 10:21 AM by Demeter
http://www.telegraph.co.uk/finance/financialcrisis/8919...

Reports in Italy suggested that the IMF is drawing up plans for a 600 billion (517 billion) assistance package for the country. Spain may be offered access to IMF credit, rather than a rescue package, to avoid it being picked off by the markets in the coming weeks...Any IMF involvement in European rescue packages would be partly underwritten by British taxpayers, which could leave this country liable if Italy and Spain did not repay any international loan. Britain provides 4.5 per cent of the IMFs funding and would, therefore, face a potential liability to an Italian package of up to 27 billion (23 billion).

An IMF rescue package involves a country being offered hundreds of billions of euros in return for agreeing to launch a major austerity programme to cut spending. A credit line is a more flexible arrangement which gives countries short term access to international finance.

Italy and Spain are likely to be forced to accept some international help as the cost of their debts has risen to unsustainable levels of about seven per cent...
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