European Bailout Need Keeps Climbing-Now 4Trillion Euros!!

Remember Geithner said the USA (you and I) will assist.  Note who needs the money.

The new eurozone bailout fund, the EFSF, may need to be as big as 4 trillion euros to assist banks, Daniel Gros, director of the Centre for European Policy Studies, has admitted – and senior officials are afraid to tell lawmakers, reports the FT.

The eurozone’s largest 91 banks need 4 trillion euros next year alone to roll over debt but money markets are increasingly refusing to give European banks credit, leaving eurozone tax payer’s to plug the gap unless the banks are nationalised.

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