SleepyHead Posted October 22, 2013 Share Posted October 22, 2013 (edited) EU could run out of money by mid-November "In a shocking reflection of the recent budgetary crisis in America, the EU looks set to fall foul of a massive shortfall in November. Parliament President Martin Schulz told MEPs this morning that he had received a call from Commission President Jose Manuel Barroso who warned the EU would default unless it was given an extra €2.7 billion from member states." EU Shutdown? EU shows itself to be running a ponzi scheme. "we'll default unless you give us more!" Edited October 22, 2013 by SleepyDog Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted October 22, 2013 Share Posted October 22, 2013 The ECB will just print more money. Quote Link to comment Share on other sites More sharing options...
Woot Posted October 22, 2013 Share Posted October 22, 2013 What are the consequences of letting it run out? Can anyone begin to itemize them? Be interested in seeing a cost benefit analysis - after all, >2Bn is a substantial amount and I'd hate to think we weren't getting our money's-worth. Equally I'd hate to think we would just jump into throwing more money into the EU moneypit without thinking through the alternatives and the consequences of every path. Quote Link to comment Share on other sites More sharing options...
papag Posted October 22, 2013 Share Posted October 22, 2013 (edited) Why dot they just shut down the expenses hatch for a week or so, you know the one where the honourable members queue up for their regular handouts of free money, they call it reimbursements for the expencies they incur Edited October 22, 2013 by papag Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted October 22, 2013 Share Posted October 22, 2013 Why dot they just shut down the expenses hatch for a week or so, you know the one where the honourable members queue up for their regular handouts of free money, they call it reimbursements for the expencies they incur Ah yes, the hatch where honourable members queue early on a Friday morning to collect their per diem allowance (unreceipted), essential for the said member to carry out their parliamentary duties for the day, before making a beeline for the airport only to return as late as possible on Monday to catch the same office just before close. Kerching! Vids on youtube of shy members with wheely luggage waiting in line, on mobile so can't post. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted October 22, 2013 Share Posted October 22, 2013 (edited) Oh I remember a few weeks ago an article that there was a problem in that the eu budget was being cut but there were already over commitments due to member states- maybe the structural funds. Edited October 22, 2013 by Ash4781 Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted October 22, 2013 Share Posted October 22, 2013 If they are in financial trouble it can only mean the EU consumer economy is totally fecked!! http://ec.europa.eu/budget/explained/budg_system/financing/fin_en.cfm The EU is "self funded" by taxes. I can only assume that they have spent money they haven't collected because sales are down. the 'UK rebate' – the UK is reimbursed by 66% of the difference between its contribution and what it receives back from the budget (worth about €4bn in 2010). The calculation is based on its GNI and VAT Although I've just fixed it for them.... Quote Link to comment Share on other sites More sharing options...
Mr Jib Fingers Posted October 22, 2013 Share Posted October 22, 2013 €2.7bn eh? Used to be a lot of money, but they will probably just print that off in an afternoon. Quote Link to comment Share on other sites More sharing options...
papag Posted October 22, 2013 Share Posted October 22, 2013 Ah yes, the hatch where honourable members queue early on a Friday morning to collect their per diem allowance (unreceipted), essential for the said member to carry out their parliamentary duties for the day, before making a beeline for the airport only to return as late as possible on Monday to catch the same office just before close. Kerching! Vids on youtube of shy members with wheely luggage waiting in line, on mobile so can't post. last week on a Spanish TV panorama type programme they caught around 8 doing it and laughing whilst stuffing the cash in their pockets, it really is a disgrace but no one cares any more to do anything about it Quote Link to comment Share on other sites More sharing options...
sombreroloco Posted October 22, 2013 Share Posted October 22, 2013 All Western states are bankrupt. The UK is more insolvent than the Eurozone. IF the EU goes down, they all go down. But I couldn't see this news backed up by any other source so it must be the usual bull from UKIP. Quote Link to comment Share on other sites More sharing options...
SleepyHead Posted October 22, 2013 Author Share Posted October 22, 2013 (edited) All Western states are bankrupt. The UK is more insolvent than the Eurozone. IF the EU goes down, they all go down. But I couldn't see this news backed up by any other source so it must be the usual bull from UKIP. You think? you really trust the mainstream media more? Farage does say in the piece. ""The EU are trying desperately to keep this out of the news. It's a real predicament for them, at a time when the Eurozone economy is still struggling with mounting debt and a stunted recovery and when ill-feeling towards the EU project has never been so high." Looks like a media blackout. Edited October 22, 2013 by SleepyDog Quote Link to comment Share on other sites More sharing options...
billybong Posted October 22, 2013 Share Posted October 22, 2013 Mid November It sounds like a possible time for more bailins of depositors' money. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted October 22, 2013 Share Posted October 22, 2013 The EU doesn't issue bonds. I think he's talking about the budget for the bureaucracy, which is funded from VAT. Quote Link to comment Share on other sites More sharing options...
thedude Posted October 23, 2013 Share Posted October 23, 2013 Wasn't there a memo recently the JPM were prohibiting all wire transfers over 50K as of November 17th? Probably not related Quote Link to comment Share on other sites More sharing options...
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