Oh my, what a surprise

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.

Yup, we\’ve got to pay for Greece….and Spain, Portugal and possibly Italy.

Aren\’t we the lucky ones?

Note how it\’s all the EU has to pay to protect the eurozone.

4 thoughts on “Oh my, what a surprise”

  1. ….and of course our representative there will be the useless Darling.

    Why should he be allowed to make any decisions on our behalf? Currently we have no government and no politician can claim to be the Chancellor. Officals should represent us as observers and refuse to commit us to anything not previously agreed.

  2. We have to leave the EU.

    Because they have stitched us up so we have no say in how much, and on what pretext, they extort money from us.

    That Lisbon Treaty has to come up for ratification again soon…..

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