nick venedi

Saturday, 27 March 2010

Rescue plan?

Looks like the Germans and the French have got what they wanted with the IMF absorbing a one third share of the 'rescue package' and Europe taking on the other two thirds. The interesting thing about the 'rescue plan' is that none of the funds will be used unless the Hellenic state is unable to raise loans on the international money markets. I have emailed my auntie and told her not to go out buying that new microwave she wanted for a month, not yet! The idea is that a package in the background will allow the international markets to give out low interest loans and not worry that these won't be paid. Greece will, in theory, be able to do what needs to be done with some confidence and call on the 'rescue plan' if it becomes necessary? It was obvious that the French (as usual) paid a major part in supporting their close ally (Greece) there are, however, others in the waiting with Portugal, Ireland and Spain calling for support soon. Countries not in the euro zone are not affected but that don't mean they are not in the shit! So Britain, for example, is not implicated although has a similar problem. Greek press happy with French support. I am assuming that British tourists will have a fantastic time in the Aegean this summer but not too sure what will happen to our German friends. No more allowance for putting them sun towels on sun beds every morning at 5.00 a.m. and claiming the bed all bloody day! (sorry Martin - my German friend- but Merkell has annoyed me!!) Love Germans as you know! x

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