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Britain faces bill of £7bn to bail out Greece
amcluesent
Posts: 9,425 Forumite
Britain could be forced to spend billions of pounds to help rescue Greece, the most crisis-hit member of the eurozone.
If a rescue fund for the troubled Greek economy matched the country's towering budget deficit, the UK would be asked for £7billion, assuming contributions matched each country's share of the total European Union economy. If other troubled eurozone members such as Ireland or Spain were excused from making a contribution, Britain's share could be even larger.
Although Britain is not in the eurozone - and despite the fact that many of Greece's problems arise from it having joined the single currency - the UK could be forced into part-funding a bailout under the EU treaty if a majority of other members vote for it.
That is the equivalent of 2p on the basic rate of income tax!
Vote UKIP!
If a rescue fund for the troubled Greek economy matched the country's towering budget deficit, the UK would be asked for £7billion, assuming contributions matched each country's share of the total European Union economy. If other troubled eurozone members such as Ireland or Spain were excused from making a contribution, Britain's share could be even larger.
Although Britain is not in the eurozone - and despite the fact that many of Greece's problems arise from it having joined the single currency - the UK could be forced into part-funding a bailout under the EU treaty if a majority of other members vote for it.
That is the equivalent of 2p on the basic rate of income tax!
Vote UKIP!
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Comments
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And it's the Daily Mail, so it couldn't possibly be witless europhobic speculation.0
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Britain may be asked for the money, and our gutless spendthrift politicians may throw it away, but we don't seem to have a legal liability:
Jurgen Stark, the ECB's chief economist and the powerful German member on the bank's inner council, said Greece's problems are entirely "home-made" and do not meet the terms required to trigger the rescue mechanism under EU treaty law, which is limited to countries that face severe difficulties "beyond their own control".
ergo the passage the Mail uses:
'Where a member state is in difficulties or is seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control, the council of ministers, on a proposal from the European Commission, may grant, under certain conditions, Union financial assistance.'
doesn't apply as the Greek situation was never beyond the control of Greek politicians - it is they who caused the crisis."The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
Can't see it happening as there is a clear moral hazard problem. If Greece is bailed out then why would any member seek to handle their deficits.0
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I think you'll find, Mr Mumble, that it was our housing market, and specifically our Property P0rn industry, which caused the Greek problems by feeding a frenzy of amateur BTL investments using fraudulent mortgages.
Therefore we are responsible for this and all the rest of the world's economic woes.
I vote we pay up. If they ask.0 -
If we keep transferring money from the solvent to the insolvent, we all end up insolvent.0
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If we keep transferring money from the solvent to the insolvent, we all end up insolvent.
Are you trying to suggest that UK is solvent :rotfl:
:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
On the plus side we nicked Germany's salt.amcluesent wrote: »0 -
No worries. Gordon, water the money tree!!0
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amcluesent wrote: »
Hey wait a minute, maybe we can organise it so they pay our deficit :beer:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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