Last week I warned that Americans may soon be bailing out the European Union as countries like Greece and Italy are incapable of coming up with a plan to solve their debt crisis. Turns out, American taxpayers will in fact be bailing out the EU and the lazy European lifestyle too. Spending money to get out of debt works right?
The Federal Reserve, along with the 17 euro zone national central banks, may help provide the International Monetary Fund with funds that could be used to aid debt-ridden states, a German newspaper said.
Die Welt cited sources close to the negotiations as saying the euro zone central banks could pay at least 100 billion euros ($134.2 billion) into a special fund that could be used for programs for nations struggling to control their debts.
"Also other central banks, for example the U.S. Federal Reserve, are apparently prepared to finance a part of the costs," the paper said in an advance copy of an article to appear on Monday.
Treasury Secretary Timothy Geithner may discuss the idea in the coming weeks when he visits Europe, the paper said.
While Americans continue to work well into their 60s and 70s, Europeans enjoy retirement at the age of 52 after living a life of 3 month long vacations and five hour work days.