Mr Osborne had furiously denounced Mr Juncker’s plan to revive the EFSM, which uses the EU budget as collateral on cash raised on the open market, to provide up to 7 billion euros in bridging loans to Greece to stave off collapse as it is hit with 12 billion euros ofdebt repayments in the coming weeks. Leaving British taxpayers exposed was a “non-starter,” he said on Tuesday. “The euro zone needs to foot its own bill.”
Despite scepticism from Germany on the Juncker plan on Tuesday, it became apparent yesterday that Britain would struggle to find the allies to block the plans at a vote.
Under a compromise backed by the Commission, the EFSM rescue package still go ahead. But Britain’s £690 million in liabilities, as well of those of other non-eurozone states, will be insured using Greek funds known as SMP profits held by the European Central Bank. Time is of the essence – with Greece owing 4.2 billion euros to the European Central Bank on Monday – and diplomats said there was strong support for the plan among financial officials from member states.
Like the written guarantee that the EFSM would not be revived?
Fuck ’em, time to leave.
diplomats said there was strong support for the plan among financial officials from member states.
There is always strong support to get someone else to pay for stuff. I imagine Britain would be on the hook anyway. In the end. If the EU budget is collateral and the Greeks have no intention or ability to repay, then the EU budget is going to feel the cost.
But I do enjoy them dancing on a hot plate. It shows how much of EU policy is made up on the fly and written on the back of a napkin. Actually that is an insult to sensible policies that were written on the back of a napkin. Like the Laffer curve.
And to think that I was once lectured at length by a europhile that Britain had to stay in for the good of the people, our jobs, our economy and for the opportunity to help shape the glorious history of the world.
I needed hard liquor after that one….
If you can do utilitarian calculus on raped kids you can do it on situations like this – and the cost of Greece as a failed state would greatly outweigh the cost of this thing – even to Britain – even if Britain were outside the EU.
Moral hazard should be reintroduced via the death penalty for all the leaders of the last 20 years of any country that ends up like this again.
I don’t think our political class realise how much hate, contempt and envy there is in Brussels towards the UK. They see us as a fat milk cow that can be milked and then be shooed away to fuck off to fields while they retire to the manor house to churn off the cream.
I’m assuming that we haven’t naively actually given them the money, just promised it. So if they can break their promises, we can too. We haven’t actually given them the cash and relied on their word, have we?
“I don’t think our political class realise how much hate, contempt and envy there is in Brussels towards the UK.”
They are too busy being hateful and contemptuous of the UK to notice.
Bloke in Germany – “and the cost of Greece as a failed state would greatly outweigh the cost of this thing – even to Britain – even if Britain were outside the EU.”
What precisely are the costs of Greece as a slightly more failed state? What of those costs would affect Britain in any way whatsoever?
@ BiG – Greece – you broke it, it’s yours.
We want nothing to do with it.
Or you either if it comes to that. We’ll happily buy your rather overrated cars, and sell you the finest jet engines in the world; but we don’t want to be governed by you (as has been demonstrated on more than one occasion, and have no interest in governing you.
Now, back in your box, please.
BiI. Harsh, but fair.
It was obvious the moment Osborne denied that there was even a suggestion that we would pay that we would pay.
OK, take it out of our next EU payment
There’s more goodwill and good faith in a JCR meeting between Trots and Maoists.
Duplicitous Shit 1:
Submit to a Protectorate and we’ll give you some instant money.
DS2:
OK
DS1:
Er, we don’t have the money right now but we know there’s a piggy bank (EFSM) somewhere which might have some money in it and might or not be ours, but we’ll raid it anyway.
This should help.
http://www.random-austerity-measure-generator.com/#