×

EuroTARP Would Have to Be $1.3 Trillion — $2 Trillion Bazooka

european_union_cracked_200.jpg

Official estimates on how big the "EuroTARP" EFSF fund would have to be in order to stabilize banks and European markets in the event of a Greek or other default are out.

European Central Bank Governing Council member Klaas Knot said today that the EFSF should be funded with $1.3 trillion or more.

His predecessor, Nout Wellink suggested it should be $2 trillion.

The funding could come from private investors, although there's some question about who would be interested in investing in it.

As it stands now, the EFSF isn't really much of anything. It doesn't have enough money. "It's not in existence yet," says George Soros. Hopefully that will change soon.

This story originally appeared on Business Insider

Read more from Business Insider:

Two Terrible New Headlines For European Banks

A Bank Of America Collapse And The Next Lehman Event Are Staring Us In The Face

The 10 Crash Commandments

Bank Stocks Stage Big Rally

___________________________________________

Questions? Comments? Email us atNetNet@cnbc.com

Follow NetNet on Twitter @ twitter.com/CNBCnetnet

Facebook us @ www.facebook.com/NetNetCNBC