Debt crisis hits Greece, Spain & Portugal

[Derek]

Originally Posted by Earl of Bronze

Such a shame that Tony Bliar gave away the rebate, and most of the opt-out powers for bugger all return. Yes, Tony Bliar was a consumate richard head.... I mean politician, with the UK's best interests at the forefront of his Poodle like little brain.....

It's alright though, in giving it away for sod all in return, he ensured he would get the job of EU president after the UK got its say in a referendum on whether or not it was a good idea...

Originally Posted by Derek S

It's alright though, in giving it away for sod all in return, he ensured he would get the job of EU president after the UK got its say in a referendum on whether or not it was a good idea...

Such a shame they repealed the dualing laws, cause if there was ever a guy that needed 3 feet of steel or a lead ball incerted at high speed its Tony Bliar....

then again, I'd be happy to try and hang Nu Liebour for treason.... but thats just me I guess.

[chris9991]

This wikipedia article, assuming it hasn't been doctored, shows the estimated breakdown of the budget to 2013 - almost the highest net contributor

http://en.wikipedia.org/wiki/Budget_...European_Union

[Derek]

Originally Posted by Osem

I have a strange feeling that UK PLC will be forking out rather a lot of money very shortly.....

Well who'd have thunk it.

http://www.telegraph.co.uk/news/worl...-out-euro.html

Britain faces paying out billions of pounds under a European Union deal intended to prevent another financial crisis like the one in Greece

Probably just as well this happened now and not before Thursday. Here are some of the highlights.

All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this

Euro-zone leaders are attempting to get round objections from countries such as Britain by invoking Article 122 of the Lisbon Treaty, intended to enable a collective response to natural disasters

British exposure to liabilities created by a bail-out under the scheme would amount to around 10 per cent of the total loan. If a country failed to repay, the cost to Britain would be ¤10 billion (£8.6 billion) for every ¤100 billion on which it defaulted.

[Ignitionnet]

I would be surprised but I'm really not. Cheers again for Lisbon Gordon.

Makes it a tad more difficult to push the pro-Europe agenda with the Eurozone forcing Britain to guarantee their debts, especially given the poor financial management of some countries there. No doubt they'll still find a way to make out it's in our benefit to continue being the 2nd highest net contributor, 6th per capita, ignoring that we have a pretty big net outflow of private money as well due to high levels of EU-27 immigration to the UK also.

Out of the EU and free trade / movement of people agreement referendum now please

[punky]

I don't mind bailing out anothe country to prevent it slipping into anarchy and oblivion but I draw the line at bailing out a bloody currency - especially one that was voluntary.

[papa smurf]

let the bone idle lot of them work their way out of this mess

[Osem]

Originally Posted by Ignitionnet

I would be surprised but I'm really not. Cheers again for Lisbon Gordon.

Makes it a tad more difficult to push the pro-Europe agenda with the Eurozone forcing Britain to guarantee their debts, especially given the poor financial management of some countries there. No doubt they'll still find a way to make out it's in our benefit to continue being the 2nd highest net contributor, 6th per capita, ignoring that we have a pretty big net outflow of private money as well due to high levels of EU-27 immigration to the UK also.

Out of the EU and free trade / movement of people agreement referendum now please

Do you know I dare say that right now Brown would promise a referendum on just about anything to cling onto power (excluding his position of course....).

[Derek]

Oops. Looks like there will be more money from the UK heading down the euro drain.

http://www.bbc.co.uk/news/business-12993318

Portugal's caretaker prime minister Jose Socrates has said that he has asked the European Union for financial assistance.

[Osem]

Surprise, surprise....

International financiers are no longer prepared to lend money to Portugal on terms they can afford and this is the result. Spain is under great pressure also and could be on the verge of similarly drastic action yet there are still people here in denial about the mess we're in and what has to be done to prevent us being next in the line of dominoes. Get real FGS!

[slowcoach]

Don't worry Osem, the green shoots are growing well round here. Large white sheds are popping up like mushrooms, housebuilding is on the increase again, one of the major supermarkets has applied to build a big distribution depot near the motorway link and the trams will appear on the streets of Oldham later this year. Other established businesses are expanding their operations and the number of helicopters circling looking for land makes it appear that growth is going to continue for a good few years at least.
You just have to keep the faith …

[Dai]

I've just been reading Nigel Lawson's comments from about 13 years ago concerning the single currency.

http://www.spectator.co.uk/coffeehou...the-euro.thtml

Frighteningly accurate in the main.

[Osem]

Of course the recent raising of Eurozone interest rates does little to help the likes of Portugal:

http://www.telegraph.co.uk/finance/e...d-economy.html

... and the bail-out is going to come with some very harsh strings attached.

[Osem]

.......and in other news:

Credit ratings agency Moody's has downgraded its rating of Irish banks to junk status, adding renewed pressure on the eurozone's weaker countries.

http://www.bbc.co.uk/news/business-13112488

and:

Fears that Greece will have to restructure its massive debts have persisted despite official denials. Investors are demanding a higher rate of return for lending Greece money in a sign of continuing concern about its debt crisis

http://www.bbc.co.uk/news/business-13130075

Yet, still there are people in denial about just how serious this whole thing is and that it could happen here unless we get to grips with our spending...

[Osem]

Even the mighty US isn't immune from the dangers so don't imagine for a second that the UK is:

Markets reacted badly to Standard and Poor's downgrading of US debt

http://www.telegraph.co.uk/news/worl...tops-here.html

The good news is that America has not suddenly turned into the new Ireland. The bad news is that the Obama administration is only beginning to face up to its debt addiction, in the way that Ireland and other euro delinquents have been forced to do. And Washington's prolonged debt denial is one factor that has made the economic recovery so fragile and uncertain for all of us.