U.S. taxpayers and the Greek bailout
May 06, 2010 at 13:06 PM EDT
I understand it this way: The US buys SDR’s in dollars. those dollars exist as deposits in the IMF’s account at the Fed. The euro members buy SDR’s in euro. Those euro sit in the IMF’s account at the ECB The IMF then lends those euro to Greece They get transfered by the ECB to the Bank of Greece’s account at [...]