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  1. #1
    loob lor geezer
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    British taxpayers ordered to bail out euro

    Britain faces paying out billions of pounds under a European Union deal intended to prevent another financial crisis like the one in Greece.

    By Bruno Waterfield and Melissa Kite
    Published: 9:00PM BST 08 May 2010



    All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system.
    The deal, effectively to shore up the euro, was denounced as a “stitch-up” last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain.


    It was declared a "done deal” by the 16 euro zone leaders who met in the early hours of Saturday morning.
    The decision was taken as David Cameron was locked in talks with the Liberal Democrats to try to form a government.
    Alistair Darling, the Chancellor, will fly to Brussels for the meeting after promising to keep George Osborne and Vince Cable, his Tory and Lib Dem counterparts, informed. EU finance ministers have been given the deadline of midnight tonight to agree the highly sensitive but rushed proposals to protect the single currency from financial turbulence from the Greek debt crisis.
    “When the markets reopen Monday we will have in place a mechanism to defend the euro,” said President Sarkozy yesterday. “This is a full-scale mobilisation.”
    Euro-zone leaders are attempting to get round objections from countries such as Britain by invoking Article 122 of the Lisbon Treaty, intended to enable a collective response to natural disasters. This does not need unanimous agreement.
    By doing so, Mr Sarkozy has ensured a speedy confrontation with a new British prime minister and other leaders of non-euro currency countries. All 27 EU finance ministers must be present, but because decision will be taken by qualified majority vote, the 16 euro zone leaders can ensure its passage.
    British exposure to liabilities created by a bail-out under the scheme would amount to around 10 per cent of the total loan. If a country failed to repay, the cost to Britain would be ¤10 billion (£8.6 billion) for every ¤100 billion on which it defaulted.
    The scheme will present an immediate dilemma for an incoming Conservative government. A bail-out would increase British liabilities and debt at a time when Mr Cameron would be seeking to restrain spending.
    Refusal to lend the money would plunge a Tory prime minister, overseeing a coalition or minority government, into a damaging conflict with the EU.
    Euro-zone leaders took the decision as a two-hour dinner on Friday stretched into nine hours of tense negotiations.
    Action is being called for because Spain and Portugal are showing the same early symptoms of crisis that Greece showed three months ago. Borrowing costs for indebted euro-zone countries have soared amid signs that market fears could spread across all EU countries, including Britain.
    José Manuel Barroso, the European Commission President said: “We will defend the euro, whatever it takes.”
    British officials are concerned that the EU is preparing to use the sweeping Lisbon Treaty clause as the legal basis for a European bailout scheme.
    Under the clause, an EU member state hit by “natural disasters or exceptional occurrences beyond its control” can receive “financial assistance” after a qualified majority vote by European leaders.
    Supporters of the plan argue that “exceptional circumstances” includes market “attacks” on the euro.
    ”The euro’s 16 countries have already agreed it - that’s a majority," said a diplomat. "It’s a fait accompli. Those not in the euro - Britain, Poland, Sweden and other new EU members - can’t stop this."
    Officials and diplomats have confirmed that Gordon Brown, the Prime Minister, was the last non-eurozone leader to be telephoned on Friday night by José Luis Rodríguez Zapatero, his Spanish oppositer number, to be warned about the EU plan.
    Europe’s failure to contain Greece’s fiscal crisis last week triggered a 4.3 per cent drop in the euro and threatened to spark a global debt crisis.
    Mats Persson, the director of Open Europe, said that while euro zone stability was in Britain’s interests, the bailout deal was not.
    ”This latest move could make British taxpayers liable for the debts of governments over which they have no democratic control - to the tune of billions of pounds,” he said.
    ”A British government, of whatever persuasion, must really consider whether it should take part in centralised EU borrowing on this scale, not least since such facilities were always considered illegal under the EU treaties and wholly undemocratic.”

    British taxpayers ordered to bail out euro - Telegraph

  2. #2
    loob lor geezer
    Bangyai's Avatar
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    Quote Originally Posted by Bangyai View Post

    The deal, effectively to shore up the euro, was denounced as a “stitch-up” last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain.
    Pretty sneaky stuff but a waste of time and money. This sounds just like throwing a lot of good money after bad. In the end , France and Germany will have to face the fact that the Euro's days are numbered, at least in its current guise.
    In any event, whoever forms the next govournment at no 10 is unlikely to go along with this ' rescue plan ' without a fight.

  3. #3
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    Woudn't have thought we have any spare cash

  4. #4
    pompeybloke
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    The pound's gone further down the toilet than the euro anyhow. Not so long ago it was 1.5 euros to the pound, now it's 1.1. Besides, didn't the UK Government decide to keep the pound to avoid this kind of situation?

  5. #5

    R.I.P.


    dirtydog's Avatar
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    Quote Originally Posted by good2bhappy
    Woudn't have thought we have any spare cash
    Increase taxes a little bit and problem sorted, nice of the Brits to help out the rest of the worlds debts.....



  6. #6
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    Wouldn't have thought that the crisis in Greece could be nominated as a 'natural disaster' under the Lisbon Treaty. It was clearly man made.

    As a uk tax payer i would also be concerned how the government could possibly bail out the Euro when we operate a different monetary system. Supporting the Euro would only make it stronger against sterling, which is already on it's knees.

    If other members of the EU have been supporting sterling since the global recession (which i doubt, mainly because they have their own problems) then this may be looked upon as sufficient to enable UK taxpayers to reciprocate, if not then it is important that we strengthen our own currency and allow the Euro to slide back to around 1.40 to the £.

  7. #7

    R.I.P.


    dirtydog's Avatar
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    Don't start getting selfish Mr Lick, help out your Euro brothers and sisters in their hour of need with your hard earned cash, hell it's only a few quid from each of you, this time.....

  8. #8
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    Tell them to FCK Off. UK not part of the Euro system , we should be more like the Frenchm\,

  9. #9
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    hear,hear.

  10. #10
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    Yet another reason never to trust the French, just like them to kick a man when he's down. That being said I can't see any British politician actually bending over for this crap, especially as we're likely to be having another general election soon, the public won't stand for it.

  11. #11
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    Quote Originally Posted by dirtydog View Post
    Don't start getting selfish Mr Lick, help out your Euro brothers and sisters in their hour of need with your hard earned cash, hell it's only a few quid from each of you, this time.....
    Let the FRogs go bugger themselves, us Brits are sick and tired of helping their rancid arses out of a hole. screw the French!

  12. #12
    Thailand Expat klong toey's Avatar
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    Not to long,and the EU can help bail the UK out.
    I knew the EU was good for something nice big cash hand out.

  13. #13
    ding ding ding
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    Quote Originally Posted by Bangyai
    Pretty sneaky stuff but a waste of time and money. This sounds just like throwing a lot of good money after bad
    Of course it is.

    A better solution would be for the member nations to put together loads of funds and then use those funds to bail out banks/individuals/victims of the greek debt and let Greece go bankrupt.....get tossed out of the Euro.

    No fucking point bailing out a country full of lying lazy communist bastards.

    Bail out those that will take the hit.

  14. #14
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    Have you ever known a Greek to pay his debts.
    I mean look there's rioting on the streets cos they don't wanna pay their debts.
    That's now what about in 5 years when Greece looks like Cambodia and they are living in mud huts.

  15. #15
    loob lor geezer
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    Quote Originally Posted by Sdigit View Post
    . screw the French!
    Well, a sentiment Butterfly might agree with ..... sort of

  16. #16
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    Quote Originally Posted by dirtydog View Post
    Quote Originally Posted by good2bhappy
    Woudn't have thought we have any spare cash
    Increase taxes a little bit and problem sorted, nice of the Brits to help out the rest of the worlds debts.....



    Instead of sending cash aid to 3rd world famine we've brought them all to Britain as well so they can get my ready meals straight out of my fridge too. Good bless the UK !

  17. #17
    Dislocated Member

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    Another good reason not to pay tax.

  18. #18

    R.I.P.


    dirtydog's Avatar
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    Rob pay your tax like a good Brit, all it means is a couple more hours work per week to support your brother Euro trash

  19. #19
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    Fuck the French and fuck the EU, they have all tried individually to break us over the last 1000 years and have now finally decided the only way to break us is by ganging up. What a pathetic load of losers they all are on the continent.

  20. #20

    R.I.P.


    dirtydog's Avatar
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    Greece has nice beaches, if you lived in Greece you to would most likely spend most of your time on them, the UK is crap 8 - 9 months per year, so let the Brits work a couple of extra hours per week to help keep the Greeks in the lifestyle they are accustomed to, don't be so selfish with your money.


    PS, did I mention the donate button on the top left

  21. #21
    Thailand Expat
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    Not sure about the legality of non euro EU members supporting the Euro against their own soveriegn currencies.

  22. #22
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    The United Kingdom is a member of the European Union since 1973.

  23. #23
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    I remember travelling to Athens by magic bus when there was still a Yugoslavia to travel through. In Athens me and a mate wanted to catch a bus to the beach. A taxi driver came over and offered to take us for 200 dracmas. We thought OK and hopped in. When we got to the beach, the taxi driver stopped next to a Greek policeman. They spoke, looked at us and started to laugh. The taxi driver then said 2,000 dracmas. Since that moment in time I have been waiting for a moment like this. The Greek economy is collapsing, policemen aren't getting paid and taxi drivers have no customers. As a firm believer in karma, I say ha ha ha ha ha ha

  24. #24
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    Quote Originally Posted by dirtydog View Post
    Rob pay your tax like a good Brit, all it means is a couple more hours work per week to support your brother Euro trash
    I will pay it.. I'm just a bit skint at the moment.

  25. #25
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    Quote Originally Posted by Lambik
    The United Kingdom is a member of the European Union since 1973.
    But it's not a Euro member.

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