EU release details of the personal bailout plan grants

From CNN:

PARIS: Further details of the personal bailout plan approved by European Union leaders in Brussels on Wednesday has been released at a press conference in Paris. In its statement, the Union elaborated on the modus operandi for the selection of awardees, processing of grants and execution of projects.
According to the statement read by EU Commission spokesman Johannes Laitenberger "All awardees will be selected randomly from the EU world database. This database contains some 500 million email addresses of individuals from 96 countries."

"When this selection has been made, the recipients shall be informed through electronic mail and will then be provided with a questionnaire to answer. The purpose of the questionnaire is to enable the processing agent tailor the grant to suit the needs of the recipient's local economy. For optimal speed and greater security, communications during the processing of the grant will be done via electronic mail"

"All grant recipients will go through a preliminary identity verification to be carried out by EU officials after which they will be issued with an Authority to Claim and then handed over to 3rd party EU appointed strategic partners who will complete the processing of grants on a regional basis."
"The grants will be processed very fast because it is essential that the funds get to the recipients quickly so that they can start paying up the loans. Timing is of the greatest essence therefore and delays must be minimized. One of the strategies we will employ to expedite the process is to cancel and re-award any grant where the recipient wastes too much time."

The statement also hinted that recipients may be required to meet certain financial requirements before having their grants processed and that any grant which is not processed by the recipient within the stipulated time will be cancelled and re-awarded to another person drawn from a waiting list.
However in answer to reporters' questions, the spokesman noted that all grant recipients will be processed on a case-by-case basis and that some requirements may be waved depending on the particular case or the region in which the recipient lives.

The Personal Bailout Grant is an EU strategy to combat the crumbling financial markets of the world by giving out grants to individuals so that they can pay back their personal debts and also set up business enterprises. The aim of the grant is to shore up liquidity and cash flow in local economies and has been widely acclaimed as a "smart move".


COMMENT: Tis about damn time the government start looking out for the masses and tax payers instead of ploughing their money into schemes that will save only the big companies who are the cause of the global crisis in the first place. kudos to the European union, hope other governments (like the USA) will follow suit with similar plans.