Wednesday, October 29, 2008

The $750 billion Belgian bailout plan

The Belgian government spent/gave 20 billion euro the last few weeks to help the Belgian banks.
20 billions euro equals (about) 25 billion USD
Belgium has about 10 million people, that is 1/30 of the USA.
$25 billion * 30 = $750 billion

So if you would take "per person gifts to the banks", the Belgian government just spent MORE than the US government!

Let's take a look at Iceland
IMF loan/donation (the IMF will never see that money back): 2 billion USD
country of Iceland gave their banks: 1 billion USD
Iceland looks for 4 more billion...

Population 300 000. (1/1000 of the USA)
Let's compare that to the US 700 billion dollar plan:
3 billion * 1000 = 3 trillion USD
and requesting 4 trillion more
Interest rates in Iceland are now 18%

And that was only to keep the banks afloat for the last 3 weeks...

No comments: