First, the headline:
IMF drawing up £517bn package to save Italy, Spain and the euro (Telegraph UK) -- "Reports in Italy suggested that the IMF is drawing up plans for a £517 billion assistance package for the country. Spain may be offered access to IMF credit, rather than a rescue package, to avoid it being “picked off” by the markets in the coming weeks."
Now £517 billion = €600 billion (that's Euros for unfamiliar) ...
And €600 billion = a little over $798 Billion US dollars.
Remember, this would be coming from the International Monetary Fund (IMF) which is pretty much run by the US and 17.7% of its funds come from US taxpayers...
So.. $798 Billion x 17.7% equals...
$141.25 Billion US Taxpayer dollars will be used to bailout just ONE European nation.. Italy.
Not only are Americans the Policemen of the World, but we also get to be Financial Backstop for the globe as well.
Good thing the US economy is strong and thriving, yes?