In response to:
The Europeans have maxed out their credit cards and are looking for help with the payments so they can keep borrowing. Helping them would be really stupid which means the IMF will step in and assist. Giving money to the IMF would be really stupid which means the US government will step in and assist.
The longer this farce persists the worse it will end.
The G-20 summit off to a great start if you like fireworks, endless bickering, and finger-pointing. Otherwise these summits are totally useless.
When asked by a Canadian journalist "Why should North Americans risk their assets to help Europe?" EC President José Barroso replied "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy."
The Guardian has further details in Barroso blames eurozone crisis on US banks.
The opening day of the G20 summit was threatening to deteriorate into a fractious row between eurozone countries and other non-European members of...
Again I have to point out for the 12321233 time on this board, its the Euro and Eurozone with the big problem. The rest of us, like the UK (who are not in the Euro) and indeed the US have to worry about is that our banks lend to these pathetic economies and will be on the hook if they default.