British Taxpayers Ordered to Bail Out Euro

Looks like it’s Europe’s turn for a round of taxpayer funded bailouts. The Telegraph reports:

Photo: Julien Jorge (CC)

Photo: Julien Jorge (CC)

All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system.

The deal, effectively to shore up the euro, was denounced as a “stitch-up” last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain.

It was declared a “done deal” by the 16 euro zone leaders who met in the early hours of Saturday morning.

The decision was taken as David Cameron was locked in talks with the Liberal Democrats to try to form a government.

Alistair Darling, the Chancellor, will fly to Brussels for the meeting after promising to keep George Osborne and Vince Cable, his Tory and Lib Dem counterparts, informed. EU finance ministers have been given the deadline of midnight tonight to agree the highly sensitive but rushed proposals to protect the single currency from financial turbulence from the Greek debt crisis.

[Read more at the Telegraph]

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  • Tony

    This cannot happen. We are on thin ice as it….

    The euro experiment was always going to end in pain, the British people would never have joined if they had been given a vote and so we should absolutely not be part of this outrage.

    If it gets forced through we will have to threaten to withdraw from the EU (not sure how feasible this is) but the debt problem in Southern Europe is a catastrophe in waiting and we CANNOT be on the hook for it (nor for the property-related banking crisis for European banks that is also imminent).

    As an aside I don't remember Germany and France offering to bailout NR, RBS or Lloyds!

    The fact that Brown was called last would be funny if it were not so morbidly serious!

    We HAVE to stand up to these monsters!

  • Tony

    This cannot happen. We are on thin ice as it….

    The euro experiment was always going to end in pain, the British people would never have joined if they had been given a vote and so we should absolutely not be part of this outrage.

    If it gets forced through we will have to threaten to withdraw from the EU (not sure how feasible this is) but the debt problem in Southern Europe is a catastrophe in waiting and we CANNOT be on the hook for it (nor for the property-related banking crisis for European banks that is also imminent).

    As an aside I don't remember Germany and France offering to bailout NR, RBS or Lloyds!

    The fact that Brown was called last would be funny if it were not so morbidly serious!

    We HAVE to stand up to these monsters!

  • Hadrian999

    the anti EU party in england has to be loving this, if this was before the election they would have had many more votes

  • Anonymous

    We’ve been stitched up!! again!!
    Dunno why they bothered defeating Hitler we might as well have let him in with open arms and put the kettle on cos the whole of Europe’s trying to get it’s fingers in our wallet now thanks to that Christian demokraut and that Asterix bloke. Do they not realise that we actually owe more than Spain and Greece it’s just that we haven’t got to pay it back immediately.

  • mcgibbo

    We've been stitched up!! again!!
    Dunno why they bothered defeating Hitler we might as well have let him in with open arms and put the kettle on cos the whole of Europe's trying to get it's fingers in our wallet now thanks to that Christian demokraut and that Asterix bloke. Do they not realise that we actually owe more than Spain and Greece it's just that we haven't got to pay it back immediately.

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