[the invisib1e hand]

Twist isn't a European bailout. The European bailout is the Feds promise and actions to provide the ECB with unlimited dollars in exchange for euro-denominated Sovereign debt that could end up being worthless.

Oh, I see. So how will the dollars get there, and the euro-denominated sovereign debt get to the Fed, by magic?

[green iguana]

Well, if you call electronic banking magic, then yes.

[agere_contra]

IIRC Obama arranged it so that the US runs a line-of-credit to the IMF: not a lump sum. If I'm right, that's the way in which you will get to keep Greek pensioners and Transnational bankers in the luxury to which they have become accustomed.

But I admit I may be misremembering. My head's spinning just trying to keep track of who's paying what to whom with whose money. Who would have thought stealing money from the tax-payers would be so complex?