Every member of the G-20, save China, is in debt up to their eyeballs, but since when has solvency been an impediment to sovereign-collapse, debt-can, ass-kicking.
Bring On TARP 2.0 - European Style:
(MarketWatch) -- Financial ministers and central bankers from the Group of 20 said in a statement late Thursday that the bloc would conduct a "strong and coordinated international response to address the renewed challenges facing the global economy." The comminque added that the G-20 would take all necessary actions to preserve the stability of banking systems and financial markets as required."
They'll do nothing but issue press releases and smile for the cameras. Except for Geithner. Tax cheats don't show teeth, as you will notice in the front row.
- Greek minister says 50% haircut possible
- ECB's Knot says Greek default possible: reports
- Greece: Talk of default counterproductive
- No EU speedup for problem banks' recap plan
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Yes, you've watched it before, but nothing encapsulates the unadulterated bailout insanity quite like this clip from Clarke and Dawe:
Start watching at the 30-second mark.
From satire comes wisdom - The European debt-guarantee circle jerk.