Written by MonkeyInTheBath
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Topics: Economy, Europe

Thursday, 29 September 2011

image for European Bail-out Fund to be Bailed Out
Cruising on bail-out funds

With the continuation of the financial crisis, it is possible that more countries will require bail-outs. Greece, Portugal and Ireland have already been bailed out, but Spain and Italy may join them, and they would be much more expensive to bail out.

European ministers are meeting this week to discuss what will happen in such circumstances. It is widely believed that if, say, Italy default, then the bail-out fund itself will require a bail out.

So what does this mean? Belgian Finance Minister Helmut von Arschhol explained, "If you imagine a sinking ship, like the Titanic. Then imagine lots of people with buckets trying to literally bail it out. That is basically what we are doing now. But then if you imagine the ocean itself is just a swimming pool inside a much larger ship, then what we really need to do is to bail out this larger ship. That requires much more buckets. And during a bail-out it is the bucket-makers who have most to gain."

He continued, "If we raise interest rates, that is like raising the level of the ocean, which makes it harder to bail out. So we must lower the ocean, so much that we are basically dredging it."

The EU has this week created the Banking Dredge Fund to bail out the European Bailout Fund, and already they have ordered 3 million buckets to help with the bailing and dredging. European financiers are described as moist at the possibility, and one German banker has said that there could be a great future for the European bailing and dredging industries.

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