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savagegoose

Gov't kicks in $7b for euro bailout

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http://au.news.yahoo...r-euro-bailout/

Australia's $US7 billion ($A6.8 billion) contribution to the International Monetary Fund's European bailout package will help stabilise any further deterioration in the region, says Treasurer Wayne Swan.

The IMF said it had raised more than $US430 billion in an effort to assure finance markets that it has sufficient firepower to handle any new problems from Europe's prolonged debt crisis.

Mr Swan said Australia's contribution was "very small" compared with the total amount raised.

"Our commitment is proportionate to our representation on the IMF," he told ABC Television.

"Many other developed economies have made far larger commitments than the commitment that Australia made."

Other countries contributing to the fund include Singapore ($US4 billion), South Korea ($US15 billion) and the United Kingdom ($US15 billion).

The IMF bailout fund will ensure "far greater certainty in the global economic outlook", Mr Swan said.

Opposition Leader Tony Abbott said the government should explain why it was making such a large contribution to the IMF, especially as the United States was not making a contribution.

However, speaking to reporters in Melbourne, Mr Abbott said the opposition had "always supported Australia's contribution to international bodies, particularly the IMF."

Edited by savagegoose

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is this Aprils fools?

For comparision $7 billion is :

25% of our total education budget. government budget

2% of total government revenue

30% of our defence budget

250% arts and heritage funding ABS

200% Expenditure by government sector organisations on R&D ABS

But at least it is less than the $900 stimulus to everyone package

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Is this for real???

When did the general public get notified that we intended to do this? And how? By local paper!!

I thought this government was wanting to reach a surplus budget.

And I hear they are thinking of cutting some of their overseas aid.

But not the European bail-out fund, that all goes to banks and investors.

Give me a break.

I certainly never gave them any mandate to give my taxpayer dollars to the IMF to aid ailing banks.

I would rather it went to aid ailing human beings right around the planet.

What a load of crock.

Kiss that $7bn goodbye.

Now I am well and truly convinced that our politicians and our world has gone totally and absolutely mad.

Are we so entrenched in the system that we cannot even dare to stand against the crowd?

Shows you how naive I am that I thought, the Europeans had to raise the funds from within their own system. Well if you can just access funds from any country, that just makes it so much easier. :furious::censored:

Edited by Solomon

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sorry i believe it is true

there has been news of all sorts of countries handing over billions to the IMF, the bricks all agreed to chip in a few 10's of billion. the world is chipping $450 bill. i didnt expect aust to chip in so much. there was talk that brics willget more voting power in world bank, for their extra bucks. for china its a great way to dispose of those useless USD. I guess.

indeed the budget cuts here where 1st thing in my mind when i read it,

http://www.dnaindia.com/money/report_no-brics-condition-for-imf-430-billion-fund-pranab-mukherjee_1679404

http://www.thenationonlineng.net/2011/index.php/business/44011-brics-seeks-more-powers-from-imf.html

so who knows

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http://www.zerohedge.com/news/mark-grant-i-do-not-believe-any-longer-catastrophe-can-be-avoided

and hres more on the topic. i guess it should go over onto euro talk. but the guy mentions the 430 biill euro bail out. its all hogwash as far as this says. the debt it way more than reported, and they used miracle math to make the numbers look good. all the wile i see metals are taking a plunge tonight

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http://www.zerohedge.com/news/mark-grant-i-do-not-believe-any-longer-catastrophe-can-be-avoided

and hres more on the topic. i guess it should go over onto euro talk. but the guy mentions the 430 biill euro bail out. its all hogwash as far as this says. the debt it way more than reported, and they used miracle math to make the numbers look good. all the wile i see metals are taking a plunge tonight

This is our membership fee for the club remember. We haven't lost anything ever to the IMF? There is bipartisan support for this measure. It's not foreign aid. It will be counted in the budget optimistically. Albeit, potentially, incorrectly.

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