Britain may be forced to bail out Greece

Discussion in 'Current Affairs, News and Analysis' started by dangerousdave, Feb 11, 2010.

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  1. Just when we thought we didn't have any money left 8O :?

    Britain could be forced to help bail-out some of Europe’s crisis-hit economies with tens of billions of pounds, it is feared.

    Gordon Brown is under mounting pressure from MPs on all sides to ensure that only eurozone countries contribute to a bail-out of Greece, whose economy is teetering on the brink of collapse.

    The Prime Minister will this morning arrive in Brussels for a crucial European leaders’ summit amid fears that the UK could get dragged into a full European Union bail out plan.

    Downing Street, however, insisted that the focus of responsibility should fall on the eurozone countries and, failing that, a G20 group of leading nations solution.

    Last night European officials were involved in furious efforts to try and complete a €20 billion rescue package, designed to halt the looming crisis in Greece before it spreads to other countries. France and Germany were at the forefront of the eurozone negotiations.

    However, Mr Brown - when challenged in the Commons over Britain’s position - was unable to rule out Britain's involvement in a a Greek rescue package.

    The package would involve credit assurances being given to Greece to enable to start borrowing money again at affordable rates – something that has been impossible because of its credit rating.

    But the issue of other countries needing urgent help, as well as Greece, is also pressing. The economies of both Spain and Portugal are in serious trouble and their deficits spiral.

    It means a total rescue package for the so-called PIGS – Portugal, Ireland, Greece and Spain – could be as high as €60 billion.

    Britain contributes 20 per cent of the EU budget and any EU-wide bail out of either Greece - or the other threatened economicies - could, as a result, fall heavily on British shoulders.

    http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7207536/Britain-may-be-forced-to-bail-out-Greece.html
     
  2. FFS when will we stop reinforcing failure?
     
  3. When a failure isn't running Gov't anymore :wink:
     
  4. Why are we contributing 20% of the EU budget, surely there are more than 5 countries in the EU?
     
  5. i think it's based on a country's economy to how much it has to put in the EU kitty. It might also have something to do with the Lisbon Treaty :)

    .
    .. but don't quote me on that :?
     
  6. I'll gladly take some Gordo... :)
     
  7. 20%....wha :?
     
  8. Let's waste another x billion. However if our dear leader does throw more money down the pan let's at least get something for it. A not exhaustive list could be:

    Confirmation in perpetuity that the Elgin Marbles would have been completely ruined if they had stayed in Greece and that all claims to ownership by the beneficiaries of our munificence are admitted to be groundless.

    Full rights in perpetuity to all photographic and audio royalties and other proceeds thereof including use of the name or derivatives thereof of the Parthenon, Knossos, Corinth and Lesbos. Eclectic I know, but probably quite lucrative.

    An annual tithe in perpetuity of 1M tonnes of prime olives, delivered to UK under the marketing name of "Broon Oil".

    The rights in perpetuity to a few islands for holidays and decompression for UK troops returning from ops.

    Look, I know I'm being silly, but I'm a hell of a lot less stupid than anybody who has agreed to pay 20% of the EU costs and might agree to spend billions more bailing out a country whose chief contribution to their GDP is alleged to come from defrauding EU quotas. Allegedly.

    Reinforce success. The EU is going to be in far worse poo if GB, Germany or France start defaulting. Anyway, we don`t use the Euro... Ooops silly me, we sold of loads of our gold at rock bottom prices to buy Euro`s that we now have to bail out. Ah well
     
  9. Gordon should tell the truth,

    "I don't have any money 'cos a bigger boy made me spend it and he spent all my pocket money and it's not my fault 'cos they didn't tell me I had to spend it on things that were useful and another bigger boy's going to beat me up if I don't pay him back with the next pocket money I get which will be in about 2020 but they will give me some more by then 'cos I'll be a bigger boy myself and they'll have to."
     
  10. I shall be most displeased if Mr Brown uses our money (which we don't have) to bail out everyone else.
    I suspect even the deranged muppet in Downing Street knows its a bad idea but I susect his obsession with saving the world will get the better of him.
     
  11. We need to sort Out our own country first before we start helping other countries.
     
  12. What do you mean 'forced'. Hasn't anyone heard the word "NO" before? Brown and others who waste taxpayers money should say it at least 10 times a day. Plus someone send a note to Mr Poppodoppolus, or whoever is in charge of Greece to go to the IMF.
     
  13. Agree'd HOWEVER, Mr Brown would like to remind us loyal taxpayers

    "As a "Gracious" member of the EU, all members have a duty to assist other countries in their "hour" of need, even though our "own" country is struggling fiscally & our services are being targeted for cuts"

    A sense of duty he'll call it.

    edited for sarcasm :oops:
     
  14. Yeah, I know :lol:

    Ok, how about this.....a Souvlaki tax? I can see old Zorba getting a kick from that one :wink: