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.