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After weeks of dancing the seven veils, trying to hide what they were up to, the government, the EU and the IMF announced on prime time television today (Sunday)that they have signed up to an 85 billion bailout. The money which has 5.8% interest rate attached to it will go to recapitalise the banks( 10bn); fund the budget (50bn) and deal with “banking contingencies” (25bn). So in other words the whole lot is going to bail out the banks and keep the government finances going.