I’m Sorry, Dave
Tyler Durden explains why the IMF is unlikely to dig Portugal, Ireland, Italy, Greece, and Spain (the PIIGS) out of the hole they’ve been digging:
Total PIIGS funding needs (defined as the sum of debt maturities and budget deficits) over the next 3 years amount to $2 trillion. Total PIIGS funding needs in 2010 alone amount to $600 billion. Total IMF bail out capacity: around $700 billion. Sorry – it simply does not compute.
Check out the table in his post which details the funding needs of just those five countries.
BTW, in case you were wondering who was on tap to fund nearly 20% of the world bailout, that would be Uncle Sugar.