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Bill Clinton makes the case for bailing out Greece

He compares it to the Mexican financial crisis in 1995

The year 2010 is the 15th anniversary of the Mexican peso crisis — the financial crisis in Mexico. And Bob Rubin said, you know, Mexico’s got two hours to live and if we don’t give them a loan guarantee, they’re going to go belly-up tomorrow.

The leadership of the Republican and Democratic parties had previously promised to support me in Congress. But they came and said, we can’t deliver any votes because there had been a poll in the paper that morning which said that by 79 to 18, the American people were against — strongly against — my giving financial assistance to Mexico.

And so they came in and we had a little debate. Bob Rubin made the case. Somebody made the arguments against it. I said, this is not close. Give them the loan.

And all the younger people there in the room literally thought I should be given immediate psychiatric care. They said, look, we just lost the majority in the Congress after the mid-term elections.

You just got your brains beat out once. Now you’re doing something that 79% of the people are against. Are you out of your mind?

I said, okay, let’s not do it. Let’s tell him, sorry.

Then, a year from now when Mexico is still reeling, when people have been hurt south of Mexico, when we have another million illegal immigrants, when there are more narcotics coming across the border, when every Mexican hates our guts because they think we’re greedy and selfish and uncaring about our neighbors, people in the United States will ask me what in the daylights are you doing letting this mess develop.

And my answer is going to be, well, on the day I could have stopped it, there was a poll saying 79% of you were against it? And it quieted all the opposition.

One Comment

  1. Bert Lang says:

    Wouldn’t bailing out Greece (and Spain and Italy) be the responsibility of EU?

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