Quote:
Originally Posted by freebeard
One might suggest that Brexit has been superseded by subsequent events. Is Germany going to pony up for those in the Southern tier?
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I guess it depends on what you mean by "pony up". Since the last financial crisis the EU has created the ESM to handle future ones. The most famous being Greece.
The ESM and IMF loaned Greece money to refinance their loans with the terms that the current bond holders had to forgive 50% of the outstanding balance, the new loans were highest priority on repayments, and Greece had to get approval for their budgets.
The ESM (European Stability Mechanism) has so far helped Greece, Cyprus, Hungary, Ireland, Latvia, Portugal, Romania, and Spain. To date all their loans are current. EU states paid into the fund based on GDP and 540 billion euro of the 700 billion fund has been loaned.
Germany provided 27% of the ESM funds. France 20%, Italy 18%, and Spain 12%