US Taxpayers Just Paid $780 Million To Fund The Latest Greece Bailout Tranche
ZeroHedge, July 8, 2011 – Excerpts:
“The IMF is delighted to announce that it just approved a €3.2 billion disbursement of cash for Greece, its fifth, as part of the €12 billion in money that Greece needs in order to continue operating in the months of July and August. And just for what purpose will this money be used, one may ask? Well, as explained a few weeks ago, in Greek Math: €12 Billion In, €18.2 Billion Out the entire amount will be promptly recycled by global financial institutions in the form of debt maturities and interest payments, which amount to €18.2 billion in the months of July and August.
Simply said ECB, EU and IMF money in, money owed to bankers out. The kicker: 17.09% of the money coming from the IMF, comes from, that’s right dear US taxpayer, you (and since 21% of the quota contributions allocated to the IMF are deemed “non-usable”, the actual number funded by the US is likely much higher).
But this plot has a bonus kicker: … the actual Greek debt is no longer owed by European banks to the extent it had been previously expected: a development that threatens to scuttle the entire second Greek bailout plan as currently proposed. So as the banks have been selling Greek debt, who has been buying?
Mostly hedge funds…
So to recap: US taxpayers have just paid out about $780 million of the $4.6 billion in order to fund interest owed to… hedge funds.“
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This begs the question: If the U.S. government can funnel U.S. tax-payer dollars to bailout Greece, to the tune of $780 million, in order to help Greece make their interest payments to … hedge funds, then should not U.S. citizen taxpayers receive that same direct access to liquidity to help Americans eliminate debt at the family level?
Answer: Yes.
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