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Vail Daily letter: Corrected amount

Vail Daily
Vail, CO Colorado

Mea culpa, mea maxima culpa. To make it clear, the figure of $325 billion (in a previous letter) is incorrect.

That was my error. No one else’s. I should have written 30 billion euros (about $40 billion).

Now, I must also say the International Monetary Fund has had a good track record about repayment. But in this case, things are looking a bit different.



Rumors are flying in Europe about Greece perhaps being ousted from the Euro Union, which would leave them free to devalue their currency or to default on their debt.

Here’s the correction in a more formal manner: IMF support will be provided under a three-year 30 billion euro (about $40 billion) standby arrangement, the IMF’s standard lending



instrument.

John A. Valersky


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