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Eu Bail-Out Bombshell Britain Could Have To Find Billions Of Pounds More

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It`s not the end yet

TAXPAYERS may be forced to pour even more cash into a rescue deal for failing European nations.

A bail-out agreed by Chancellor George Osborne means Britain could have to find billions of pounds more to help Portugal and other debt-laden countries such as Spain and Belgium if their economies need to be rescued, as some experts are predicting.

Any further deals would come on top of almost £6billion in loans and guarantees already handed to Ireland.

Borrowing all the money to do it we will be next for a bail out. :lol:

The revelation comes as the Daily Express Get Us Out Of Europe crusade goes from strength to strength. Our offices have been inundated with messages of support and our argument is gaining increased backing at Westminster.
Senior Tory backbencher Douglas Carswell said last night: “The trouble is the small print of the deal they let through exposes us to euro bail-out liabilities that far exceed the amount we’ve shaved off public spending.“We’re spun a line that the Chancellor has blocked our permanent participation in this bail-out mechanism. But another way of looking at it is that he’s ensured we face almost open-ended liabilities to bail-out the euro until 2013 – and we’re not even members.

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:)

Yes, but I'm sure we won't mind cutting a few more benefits and raising a few more taxes to help our banker friends neighbours.

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From Robert Peston :

The Portuguese central bank has warned today that Portugal's banks have become too dependent on loans from the European Central Bank and will need to raise significant amounts of new capital to "resist additional adverse shocks".

The analysis of the weakness of Portugal's banks, contained in the Banco de Portugal's Financial Stability Report, is disturbingly similar to the structural flaws in Ireland's banks, which took Ireland to the brink of bankruptcy.

There is however one important difference, which some will argue makes Portugal's financial predicament more perilous: Portugal's banks have not only been borrowing colossal sums from the ECB, they have also been lending billions of euros to the Portuguese government, so that it can finance the significant gap between what it spends and its dwindling tax revenues.

This is how the central bank put it: "the expansion of Portuguese banks' balance sheets in the first half of the year essentially reflected the financing of general government".

That implies Portuguese banks lent between €11bn and €13bn to the Portuguese government in the first six months of 2010, based on statistics published by the central bank.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/11/the_perilous_condition_of_port.html

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The interest rate will be higher than the UK pays, so it will be profitable for the UK.

Germany will be doing even better.

Thanks, but I don't want my government to take money off me in order to carry out profitable financial operations.

They can take money off me to build roads and run hospitals. The rest I will manage myself.

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The interest rate will be higher than the UK pays, so it will be profitable for the UK.

Germany will be doing even better.

If I wanted to lend money my main priority is that I know I will be able get my capital back on demand....the interest rate is superfluous a bonus. ;)

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The interest rate will be higher than the UK pays, so it will be profitable for the UK.

Germany will be doing even better.

At what rate of interest will the UK have to pay to borrow and then lend to these countries in a bail out and what happens if any of them default. :rolleyes:

We should not be involved in any of it as WE ARE NOT IN THE EUROZONE. Of course only IMHO. ;)

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Guest spp

So the U.K prints up 'billions of pounds more' to lend to other bankrupt countries and demands interest on the repayments??

Has the world gone mad!?

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At what rate of interest will the UK have to pay to borrow and then lend to these countries in a bail out and what happens if any of them default. :rolleyes:

We should not be involved in any of it as WE ARE NOT IN THE EUROZONE. Of course only IMHO. ;)

we have to lend to them so they can pay our bankers their loans back...well, the interest thereon, the loans will still be there.

once thats done, we can worry about how we are going to get back next years repayments, plus the repayments on this years new loans.

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Thanks, but I don't want my government to take money off me in order to carry out profitable financial operations.

They can take money off me to build roads and run hospitals. The rest I will manage myself.

They have guns to make you say yes. If you say no they have a backup a magic printing press.

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So they have been dumping the Euro today and putting it into Dollars. :rolleyes:

The banks make money every time someone switches from one currency to another, hence the incentive to panic about something every couple of weeks ;)

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Does anyone really believe we would pay money for a bailout of Spain, Italy etc? Likely the EU would fall apart in such a scenario. I am sure Germany and France would be keen transfer several trillion to the rest of Europe.... Why would we? What are they going to do, send the tanks in and steal our gold...

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Does anyone really believe we would pay money for a bailout of Spain, Italy etc? Likely the EU would fall apart in such a scenario. I am sure Germany and France would be keen transfer several trillion to the rest of Europe.... Why would we? What are they going to do, send the tanks in and steal our gold...

Magic printing press.. B)

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It sounds like more and more austerity for UK people while they bail-out more and more banks and bail-out almost every other country in the eu holding out the begging bowl just to bail-out more UK banks. It's like overseas aid writ large to bail-out the banks.

How can any other UK industry possibly survive at any significant level with all that.

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How can any other UK industry possibly survive at any significant level with all that.

Withdraw from the EU and sign up once again with the EFTA.

The Results Speak For Themselves

The Rt Hon Tony Blair MP, 23rd February 2000

You would have thought that the case for the European Free Trade Area (EFTA) didn’t need making. After all, the four EFTA members, Norway, Iceland, Liechtenstein and Switzerland, are measurably better off than the 25 EU members. Just look at the statistics.

People in EFTA are more than twice as rich as those in the EU. They also enjoy lower inflation, higher employment, healthier budget surpluses and lower real interest rates. Interestingly, they also export more per head than EU states, selling $16,498 per capita to overseas markets – the highest ratio in the world.

Withdraw Iceland. :D

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About the Author

Daniel Hannan was elected a Conservative MEP for South East England in 1999, and re-elected in top position in 2004. He is a leader writer on The Daily Telegraph and a columnist on The Sunday Telegraph and the German newspaper Die Welt. He sits on the European Parliament’s Constitutional Affairs Committee, and was the first person in Britain to call for a referendum on the EU constitution. His publications include A Treaty Too Far, The Challenge of the East, The Euro: Bad for Business, A Guide to the Amsterdam Treaty and What if Britain votes No? He speaks French and Spanish, and has been a member of the Bruges Group since 1991.

But does he have any precious metals ;)

(with a nod to the Century of The Self thread)

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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