{"id":28262,"date":"2011-09-16T01:15:23","date_gmt":"2011-09-16T01:15:23","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/how_american_taxpayers_could_end_up_paying_for_ecb_liquidity_flood\/"},"modified":"2011-09-16T01:15:23","modified_gmt":"2011-09-16T01:15:23","slug":"how_american_taxpayers_could_end_up_paying_for_ecb_liquidity_flood","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=28262","title":{"rendered":"How American Taxpayers Could End Up Paying for ECB Liquidity Flood"},"content":{"rendered":"<p>It sounds like a good plan, but here\u2019s the real risk: even after this restructuring, Greece ends up defaulting on those new EFSF-backed bonds. Remember, this is a solvency problem not a liquidity issue.<\/p>\n<p>So the EFSF takes a loss, and maybe even its partner, the IMF.  The debt is removed from bank balance sheets and put directly on the taxpayers of Europe and, via Washington\u2019s 17% stake in IMF loans, Americans.<\/p>\n<p><a href=\"http:\/\/blogs.wsj.com\/marketbeat\/2011\/09\/15\/how-american-taxpayers-could-end-up-paying-for-ecb-liquidity\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It sounds like a good plan, but here\u2019s the real risk: even after this restructuring, Greece ends up defaulting on those new EFSF-backed bonds. Remember, this is a solvency problem not a liquidity issue. So the EFSF takes a loss,<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=28262\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,595,592,149,591,590,671,587,585,596,584],"tags":[],"class_list":["post-28262","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-credit-markets","category-currency-markets","category-economy","category-euro","category-european-central-bank","category-federal-reserve","category-taxes","category-the-banking-systemsector","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007","category-the-u-s-government"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/28262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28262"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/28262\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}