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.