ralphmalph Posted March 24, 2011 Share Posted March 24, 2011 http://www.politicshome.com/uk/story/15357/portuguese_pm_resigns_over_rejected_budget.html I just can not believe the stupidity of the last government. We are not part of the Euro but it seems we have to pay every time some chumps decide that they need a bailout. Quote Link to comment Share on other sites More sharing options...
WageslaveX14 Posted March 24, 2011 Share Posted March 24, 2011 http://www.politicshome.com/uk/story/15357/portuguese_pm_resigns_over_rejected_budget.html I just can not believe the stupidity of the last government. We are not part of the Euro but it seems we have to pay every time some chumps decide that they need a bailout. Problem is, that's not true. In constitutional law terms, no government can legally bind a future government. This is just a convenient excuse for the Tories to use: they must have done the calculation that it is better for the UK to pay for a bailout than pull out of our involvment now. It just helps, from a domestic political perspective, that it was a previous government that agreed to participate in a bailout in the first place - they definitely have the option not to join in. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted March 24, 2011 Share Posted March 24, 2011 It's a banker bailout, Darling will have realised how much we need to pay towards their bonus. It's not like we are giving money to the Portuguese taxpayer. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted March 24, 2011 Share Posted March 24, 2011 So the Portugese PM has resigned because they voted against austerity measures. Now it's said they will have to have a bailout. The bailout will only be given if they agree to austerity measures. So who is going to agree to the bailout? Quote Link to comment Share on other sites More sharing options...
Patfig Posted March 24, 2011 Share Posted March 24, 2011 http://www.politicshome.com/uk/story/15357/portuguese_pm_resigns_over_rejected_budget.html I just can not believe the stupidity of the last government. We are not part of the Euro but it seems we have to pay every time some chumps decide that they need a bailout. We are all in this together Quote Link to comment Share on other sites More sharing options...
tim123 Posted March 24, 2011 Share Posted March 24, 2011 Problem is, that's not true. In constitutional law terms, no government can legally bind a future government. They can't by making a law, but the can by signing a contract. E,g. The ConDems can't back out of all the rail franchies that Labout let during their term on the grounds of "not being bound", they have to honour the contraction obligations (or pay compensation for cancelling them) tim Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted March 24, 2011 Share Posted March 24, 2011 Whatever we might end up contributing, I'm sure it'll be less than the $33.7 billion they owe "us". I wouldn't be surprised if the number ends up as $6.2 billion, which just happens to be the size of our bank's exposure... Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted March 24, 2011 Share Posted March 24, 2011 http://www.dailymail.co.uk/debate/article-1369663/Alistair-Darling-hurled-particular-lavatory-bowl.html?ITO=1490 Another absentee was Alistair Darling, ex-Chancellor. Pity. Mr Darling is the cur who hurled us into this particular lavatory bowl. He did it that weekend last May when the general election had just been held and the Coalition had yet to be formed. Mr Darling was still, officially, Chancellor at that time. So off he toddled to a European summit to sign us up to this bailout mechanism which Portugal now seems set to trigger. Rocky road: Mark Hoban, left, and Danny Alexander, the 'clunkers' in the ministerial department as Quentin Letts described them, faced some difficult questions in parliament Rocky road: Mark Hoban, left, and Danny Alexander, the 'clunkers' in the ministerial department as Quentin Letts described them, faced some difficult questions in parliament Mr Osborne pleaded with Mr Darling not to sign that agreement (‘stability pact’, to give it the proper name). Mr Darling, though in his final hours in office, refused. Hence our liability for many billions. You and I, again, might think this scandalous. Read more: http://www.dailymail.co.uk/debate/article-1369663/Alistair-Darling-hurled-particular-lavatory-bowl.html#ixzz1HYQrW1VW Quote Link to comment Share on other sites More sharing options...
tinker Posted March 24, 2011 Share Posted March 24, 2011 ^^^^^^^ Just wow! I remember seeing something about this at the time. It seems quite incredulous for the sake of a few days or a week or so that this act of treachery couldn't have been stopped or postponed. Someone not in the government being able to sign such an agreement. On the back of what is gross incompetence, fraud and malice (scorched earth policy spending money they didn't have un the run up to the election), Darling, Balls, Brown, Milliband et al, all continue to lie and deceive, displace blame - did you see the Balls PPB re the budget earlier (mendacious tw@t)? I really despair... Quote Link to comment Share on other sites More sharing options...
Realistbear Posted March 25, 2011 Share Posted March 25, 2011 http://www.bloomberg.com/news/2011-03-24/portugal-is-said-to-need-as-much-as-99-billion-in-any-financial-bailout.html Portugal Is Said to Need $99 Billion Rescue; Ratings Cut By James G. Neuger and Joao "Jo" Lima - Mar 25, 2011 12:39 AM GMT A bailout for Portugal may total as much as 70 billion euros ($99 billion), two European officials with direct knowledge of the matter said, as credit-rating cuts threatened to deepen Portugal’s debt woes. Preliminary calculations put the cost of a lifeline from 50 billion to 70 billion euros, said the officials, who declined to be named because the issue is confidential. Portugal continued to rule out a rescue after the parliament’s rejection of budget cuts led Prime Minister Jose Socrates to offer to quit. We may be in line to contribute around 10bn in the first tranch as I sus[pect the debt is far worse than they think--it always is. Bit like the Olympics costs estimates--multiply original estimates by 7 and you get a more or less accurate figure. Quote Link to comment Share on other sites More sharing options...
campervanman Posted March 25, 2011 Share Posted March 25, 2011 http://www.politicshome.com/uk/story/15357/portuguese_pm_resigns_over_rejected_budget.html I just can not believe the stupidity of the last government. We are not part of the Euro but it seems we have to pay every time some chumps decide that they need a bailout. On R4 today just now Robert Peston was saying that the UK contribution would be littleor nothing and certainly nothing on the scale of the UK's contribution to the Irish bailout in which Britain had a vested interest in keeping the Irish afloat. Lets wait and see Eurbashers. Quote Link to comment Share on other sites More sharing options...
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