We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Europe in €2 trillion rescue bid
worldtraveller
Posts: 14,013 Forumite
George Osborne has admitted for the first time that Britain may have to provide billions of pounds more to bail out the eurozone as part of €2 trillion international efforts to shore up the single currency bloc and revitalise the flagging global recovery.
G20 finance ministers, including the US Treasury Secretary Tim Geithner, agreed in Paris during the weekend that the International Monetary Fund (IMF) should consider using its resources to backstop a massive eurozone-led rescue effort. Under the terms of its membership, the UK will be liable for 4.2pc of any funds provided by the IMF. The IMF has $390bn available.
Britain has currently a maximum $20bn commitment to the IMF, and has pledged about £10bn to support the eurozone through the IMF and a bi-lateral loan to Ireland.
Telegraph.co.uk
The UK taxpayer having to pay substantially more money into the IMF in order to [STRIKE]throw good money after bad[/STRIKE] bailout Europe? Surely that was never going to happen?! :rotfl:
The backstop buck stops with you!! :grouphug:
But, it will never be needed of course, will it! :idea: :rotfl:
G20 finance ministers, including the US Treasury Secretary Tim Geithner, agreed in Paris during the weekend that the International Monetary Fund (IMF) should consider using its resources to backstop a massive eurozone-led rescue effort. Under the terms of its membership, the UK will be liable for 4.2pc of any funds provided by the IMF. The IMF has $390bn available.
Britain has currently a maximum $20bn commitment to the IMF, and has pledged about £10bn to support the eurozone through the IMF and a bi-lateral loan to Ireland.
Telegraph.co.uk
The UK taxpayer having to pay substantially more money into the IMF in order to [STRIKE]throw good money after bad[/STRIKE] bailout Europe? Surely that was never going to happen?! :rotfl:
The backstop buck stops with you!! :grouphug:
But, it will never be needed of course, will it! :idea: :rotfl:
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
0
Comments
-
Think how much we will take it up the sh*tter if we dont support the Euro and decide to go alone... much cheaper to bail out europe and not have to bail out the almost nationalized banks. Sick? yes. But the way it is....0
-
But we printed £5bn only the other day and there's one of those perpetual purse thingies down the back of the sofa. We'll be fine - we're all in it together after all."A thousand candles can be lit from a single candle without shortening the life of that candle."
I still am Puddleglum - phew!0 -
Why should we? We do not have the Euro :mad: Vote UKIP!!!!!!!Blessed are the cracked for they are the ones that let in the light
C.R.A.P R.O.L.L.Z. Member #35 Butterfly Brain + OH - Foraging Fixers
Not Buying it 2015!0 -
Butterfly_Brain wrote: »Why should we? We do not have the Euro :mad: Vote UKIP!!!!!!!
If we have to pay the above loan, as stated in the article, it will be because we are members of the IMF, not because we are members of the EU. The IMF works on a quota system. By quota percentage, both the US and Japan, which have problems of their own, could have to pay out more.
I do agree that the EU needs to get its own house in order though.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
0 -
Nobody will make it except the IMF, and the IMF seems to be run by the French.vivatifosi wrote: »I
I do agree that the EU needs to get its own house in order though.
Personally I was shocked to realise that the IMF was run by a man with ambitions for the French presidency. Conflict of interest or what."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The Euro is a dead duck - or should I say a dead parrot.
It is no more. It has ceased to be. It has shuffled off its mortal coil.
No its not. Its just sleeping.......
Throwing more money at the Euro at this stage is ludicrous. The Euro experiment doesn't work, but there is a widespread reluctance amongst those in the Eurozone to accept the inevitable."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0 -
The government is preparing to give more money to the International Monetary Fund to help struggling nations, including eurozone states.
BBC political editor Nick Robinson says such a move could mean debt-ridden nations like Greece, Italy or Spain are indirectly helped by British taxpayers.
BBC News
Shocker!:rotfl:There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
I was thinking about this before. As we can QE, surely it would be a case of letting the whole house of cards collapse and underwrite any losses on assets with QE directly? If 1 trillion disappears, what difference will it make if we QE 1 Trillion to simply replace that lost in a eurozone implosion (ignoring the effects of a drop in demand and consumption on GDP)?0
-
It looks like China is having second thoughts about helping the European Financial Stability Facility, preferring to add extra funding throught the IMF. Apparently China would be better protected that way because under the EFSF it would rank beneath the IMF as a creditor in the event of a default.
Also, this whole thing about China almost being the "lender of last resort" seems strange to me. IMHO their economic growth will slow much more than analysts are predicting next year and I feel there could be some major problems, not least of all with their property bubble. I would expect exports to drop off at a significant rate due to weakening demand, especially from the U.S. & EU and they may well need their US$ 3.2 trillion of foreign currency reserves to prop up their own economy. It's also interesting that their purchases of foreign currencies has also slowed up considerably over recent months. One other thing, expect protectionism to raise it's head again!There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
MacMickster wrote: »The Euro is a dead duck - or should I say a dead parrot.
It is no more. It has ceased to be. It has shuffled off its mortal coil.
No its not. Its just sleeping.......
Throwing more money at the Euro at this stage is ludicrous. The Euro experiment doesn't work, but there is a widespread reluctance amongst those in the Eurozone to accept the inevitable.
Actually, this is all rather frightening. If politicians are so desperately trying to revive a corpse with multiple organ failure, then it says that they don't really have a plan B and would rather live with a zombie state/s and a zombie currency than the alternative...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards