A headline from the Daily Telegraph of London: “IMF Drawing Up £500bn Package to Save Italy, Spain and the Euro.” Insofar as most of us give any thought to the International Monetary Fund, we vaguely assume it’s there to help developing nations. But it’s now bailing out First World advanced economies. Indeed, Italy is a member of the G7, which is supposed to be the super elite of the developed world. But it’s angling for a 600 billion–euro rescue package.
So it’s a good thing we’ve got this IMF thingy to hand when we need someone flush enough to prop up …
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