At the G-20 conference at Cannes, the Europeans were smart. They know it is over and Greece will never pay off its debt. Like a patient on life support, it will linger for a few more agonizing weeks, months, maybe even a year, and then give up the ghost--along with billions of European and US dollars.
But Obama? Well, he is the "president" of the richest country in the world and has never worked a day in his life, so what are a few billion of your dollars to him?
You need to read both articles in tandem, the first about the White House and its splendid generosity and the second about the Europeans who refuse to kick in any more. Europe is responsible for this mess. The EU knew Greece was not a good risk, but they figured they were big enough to absorb the loss so they took them into the euro zone anyway. After all, it's all about wealth redistribution, the post-Soviet kind, where money flows from the working country to the loading country instead of just from the working citizen's pocket to the loafing citizen's pocket. That's because communism is dead. Yea, right.
Well, they were wrong this time. NO ONE can absorb this one. Seems like only Obama doesn't know that.
Don Hank
The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn.
Fearing the fury of German voters, Ms Merkel refused point blank to pay to clean up the mess. She declared that "hardly any" of the globe's richest 20 nations were willing to pledge cash to help the 17 struggling eurozone countries.
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