We paraphrase. That’s not quite how the President worded his offer to bail out the Greeks, but that sums it up in language that’s been stripped of all the political gobbledygook.
CNBC reports on the President’s generous offer to bail out the Greeks by digging our own hole a little deeper:
President Barack Obama on Tuesday urged European countries and bondholders to prevent a “disastrous” default by Greece and pledged U.S. support to help tackle the country’s debt crisis.
Obama, whose political prospects have suffered from persistently high unemployment and ballooning U.S. debt, has pinpointed the euro zone crisis as one foreign “headwind” hitting the U.S. economy.
After a meeting with German Chancellor Angela Merkel, he stressed the importance of German “leadership” on the issue – a hint that he expects Berlin to help – while expressing sympathy for the political difficulties European Union countries face in helping a struggling member state.
“I’m confident that Germany’s leadership, along with other key actors in Europe, will help us arrive at a path for Greece to return to growth, for this debt to become more manageable,” Obama said.
“But it’s going to require some patience and some time. And we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”
To summarize: We’ll borrow money from the Chinese to give to the Greeks. And then we’ll borrow more money from the Chinese to give to the IMF, which will, in turn, give it to the Greeks.
And, of course, we do all this knowing there’s no way the Greeks can ever pay us back and no way we can ever pay the Chinese back.
Round and round the little ball goes and where it stops nobody knows.