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British taxpayers ordered to bail out euro

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posted on May, 9 2010 @ 07:54 AM
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reply to post by Foppezao
 


There's not much difference between will & won't when it comes to our two faced lying traitor MP's. They'll sign up for the right price because they are easily bought.


In English
LONDON - The British government does not participate in an emergency fund to support the euro. Een Britse diplomaat heeft dat zondag gezegd, kort voor een bijeenkomst van EU-ministers van Financiën in Brussel. A British diplomat has said Sunday, shortly before a meeting of EU finance ministers in Brussels.

They should be there to see the creation of a fund of 60 billion euros for allegedly helping out those euro countries in financial distress.

Gedacht wordt aan een opzet waarbij de Europese Commissie goedkoop geld leent op de kapitaalmarkt en dat weer uitleent aan eurolanden in problemen. Thinking about a structure in which the European Commission borrow money cheaply on capital markets and lend it back to euro countries problems.

Volgens de woordvoerster van voorzitter José Manuel Barroso van de Europese Commissie kan het besluit waarschijnlijk bij gekwalificeerde meerderheid worden genomen, waardoor Britse steun niet nodig is. According to the spokesman for President Jose Manuel Barroso of the European Commission's decision may be taken by qualified majority, so British aid is not necessary.

Zeker is dit volgens haar echter niet. Certainly, this in itself is not.


Chancellor Alistair Darling is in Brussels for the talks, despite the political limbo in the UK, and is likely to oppose the setting up of any big bail-out bucket.

news.sky.com... 28492?f=rss

EU finance ministers to debate 'stabilisation fund'
news.bbc.co.uk...




posted on May, 9 2010 @ 09:29 AM
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I've noticed that most people don't understand globalization. The times that financial woes elsewhere did not affect financial stability in another, are long over. As explained in the quoted report, British banks have over £100 billion exposure to PIIGS economies. When Brown claimed that Greece was a EMU (Euro) problem, he was wrong, but saying the contrarily would obviously not sell well to the British public.

It is not so hard to imagine that the collapse of Greece would have a domino effect on Portugal and Spain and hence, British banks would suffer a major blow, which would require more bail-outs and more financial turbulence. Considering that the debt-ridden British economy is currently not exactly at its strongest shape ever, I doubt that it could take such a heavy punch...

Anyhow, I believe that the end of the EU is near. You know, it angers people very quickly when they are made to pay for the mess that other countries bear responsibility for. We spend billions of Euros on Greece, a sinking ship, and are likely to never see a single Euro back from it. They can do this once, but our resilience is not endless. Very swiftly, Europeans will find themselves to be Germans, Dutchmen, Brits again and not Europeans any longer. In other words, they will force their governments to start caring about their own interests and not that of Europe. One could argue that saving the Euro has become an interest of us all, but most people don't think like that. Once that point is reached, the EU will dissolve quickly, but voluntarily? I am afraid not.


Analysts at Credit Suisse calculated that UK banks had £25bn of exposure to Greece and Portugal but £75bn to Spain, where the collapse in the property market has already forced banks such as Barclays to admit to bad debt problems and left Royal Bank of Scotland facing questions about its exposure.

At today's annual meeting, RBS's chairman, Sir Philip Hampton, played down any exposure to Greece, while Lloyds' finance director, Tim Tookey, said on Tuesday that the bank had no "material [significant] exposure". Barclays publishes a trading update on Friday and will face questions about its exposure to the countries being downgraded.

In early trading today banks were the biggest fallers, with RBS tumbling 7%, Lloyds down by 6.5% and Barclays off 4%, though they recovered much of their losses by the time market closed.

Among continental European banks, analysts at Evolution calculated that Fortis, Dexia, CASA and Société Générale were most affected because of the value of their Greek debt holdings relative to their size.

According to Barclays Capital, UK banks account for only 3% of the exposure to Greek bonds, while data from the Bank for International Settlements shows that, at the end of 2009, Greece owed about $240bn (£160bn) overseas. Of this, France and Germany have the biggest exposures of $75bn and $45bn respectively.

source



posted on May, 9 2010 @ 10:18 AM
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Just a moment. We are part of the EU. When have suffered because the Euro has risen against the pound. OK it is market forces and laissez-faire capitalism.

But we are not part of the Euro as we use the pound as currency. Why should we bail out the Euro??

Were we bailed out when the Euro appreciated against the pound??

Sounds mad to me.

I detest beer, fags and footie.

The hard left was always against the EU. Several idiots told me that the EU was a good thing to join as in the evewt of a food famine britain would not starve.. I argued that we would. We are being bled to death anyway. Firsdt banker bailouts now this.

[edit on 9-5-2010 by Tiger5]



posted on May, 9 2010 @ 11:25 AM
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Hey guys guys, not all us british like beers fags and booze, though i do smoke ^^.

Seriously though, i probably smoke for a reason in this country, to be hoenst there are a lot of people here that are into football and i can't stand the sport, makes me bored to tears and it's everywhere and our football games require lot's and lot's of police which is retarded, and everybody does drink a lot, this is also true, but i don't like to drink at all. So i guess you have a reason to stereotype us, but still, be constructive and don't just point a finger. Im pretty damn well informed.

But yeh i commented earlier and this is bull#, I can't believe that article pretty much states that we have to do this and partly because of the lisbon treaty i think?, Without the Euro though, living in the UK does not feel like living anywhere in europe, it's still the UK, but i feel were being bullied by europe at the moment. It's all part of a plan.


[edit on 9-5-2010 by Mr Zeropoint]




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