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George Osborne is really trying to spin some glorified headlines by pretending to act tough and claim that the UK wont contribute but we all the EU has so much more power than the UK government these days. What Osborne wont tell the public is that the UK has increased its contribution to the IMF (International Monetary Fund from £10 Billion to just under £20 Billion and some of the bailout monies will come out of EU member states and the IMF pots of money. I expect the UK's contribution to be at least £10 Billion but these figures will be politically spun as much lower.
That's not even the best bit... they expect that Greece will receive a £100 billion bail out package to sustain it for the long term after this second 'small' bailout package.
I say let it go bust, I can appreciate why their citizens are protesting against cuts just like we are, difference is though, we aren't getting £120billion over a couple of years in bail out funds.
my suggestion: get back to work and embrace the changes, otherwise the country will be going bust and then they really are screwed! Everyone else has had to suck up the cuts across the world. I have friends in Spain who have to work more hours and for less, but they don't spend their time protesting and rioting. They go to work instead.
Germany and France will stump up most of the bail-out. They can't afford for Greece to go bang because of their current exposuire to the debt that Greece is already struggling to service.
I agree with you Hetley - let Greece go bust but in a controlled manner if there is such a thing - like the Chapter 11 they have for comapies in the USA.
Otherwise, this problem ain't going away. Now it is Greece and UK, as part of EU & IMF, contributes to the bailout. Next it will second rounds for Ireland & Portugal ... What happens when its our turn to be bailed out? Where is the money coming from? I guess the BOE better start the printing.
I'm asuming if they did go bust they would be asked to leave the euro?
This is all going to get very messy whichever way it goes. We can't afford to keep bailing everybody out, but if we let one go bust others will surely follow.
There'll be nothing left of the Eurozone at this rate, I'm so glad we didn't take up the euro, atleast we have extra money from trading markets to bolster our economy somewhat!
£10 Billion !!!! Has the UK got £10 Billion?? And if it has WHY is it not being used for something within the UK, this country is on it's knees nevermind Greece, Ireland, Portugal etc etc. If the UK doesn't have money to give then it can't give it. Of course the ginormous debt could just be increased by a further £10 billion, and the UK can continue in ever increasing debt, which is why it's in the financial and economic mess its in already. Will they never learn?
About 10 years ago, the UK Parliament debated as to whethere we should join the EU currency. Gordon Brown said that only when conditions were right would we consider joining.
The general consensus then, as has been proved now, was that this was going to be a monumental failure. To unify the financial economies of differing countries, all with their unique approaches to all things financial, was bound to be a receipe for failure and not only that but to continually increase the size of the eurozone and bring in countries that are unable financially to be independent means that the demands on the financial pot are for ever growing and the burden to support it will continually fall on the same shoulders.
What is clear for all to see is that whatever money the UK give to yet another bailout of Greece, the likelihood of ever receiving anything in return is non-existent.
If the government can find the money to support failing economies, then why are they asking the people of the UK to tighten their belts through austerity measures. To my mind the money is there to bail out the banks and badly managed european economies, then it can also be found to cushion the financial hardships of many in this country.
Let each country do what is necessary to solve their own problems and if that means leaving the eurozone and going it alone then so be it.
I remember reading somewhere that what the eurozone is doing by bailing out these economies is illegal in terms of the European mandtae.
Zero I hope
Well as long as it comes out of the pockets of the politicians , bankers and rich drug dealers et al i would not be bothered but as it will be the proletariat that pays once again "I Predict A Riot!".
Britain not to contribute to the bail out.Just when did we withdraw from the IMF as a member some of our contributions will go to the second Greek bailout.More camouflaged lies from a deceiving deceitful government.
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