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Due to the move of the blog to Wordpress posts from Jan 2012 onward will have commenting disabled (when I remember to do it)
Cheers - AE

Sunday, 25 September 2011

Wallets out, everybody

Little time for blogging this weekend, so my comments on this will be brief.
British taxpayers risk being caught up in a £1.75trillion deal aimed at saving the euro by allowing Greece to default on its massive debts.
[...]
The eurozone deal, being brokered by the G20 group of nations, would seek to "ring fence" the crisis around Greece, Portugal and Ireland - preventing it from spreading to major EU economies such as Italy and Spain.
It would involve the bailing out those European banks - mostly French - most at risk from their massive lendings to tottering economies.
Greece, crucially, would be able to default on at least some of its more than £300billion debts but remain inside the eurozone. The Greek government's private creditors would bear most of the increased costs.
At this stage, a new bail-out programme would be devised for Greece - with cash coming at least in part from the International Monetary Fund, in which Britain holds a 4.5 per cent stake.
And so...
This could mean British taxpayers paying out more than the £1billion they are already slated to have to contribute under the terms of the first Greek bailout fund.
I suspect 'could' in this context means 'will'. How can Britain avoid it when the IMF is involved? And so I'll make my usual comment in this kind of situation:

It's not your fucking money!

And add only that actually allowing a default isn't a bad thought but this idea is still, to use Douglas Carswell's phrase, bailing water into a sinking boat. The idea that a bail out involves adding more of the problem is just gold standard professional window licking.

Comments (6)

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£12bn NHS computer system is scrapped... and it's all YOUR money that Labour poured down the drain

Which produced this response from the coagulation

And a new national watchdog will be established to ensure such huge sums can never again be thrown away on uncosted IT projects.

Some people really do need to be taken for a walk in the woods, metaphorically speaking of course.
1 reply · active 703 weeks ago
Ah, another quango. Perfuckingfection.
Forget to add, distracted sorry...
The creation of a yet another 'watchdog' is surely the clearest admission there is that the government doesn't work and government employees are untrustworthy, criminals or incompetent at best. Starving the beast is looking like the only non violent way to kill the bloody thing.
microdave's avatar

microdave · 704 weeks ago

Here's another good use for my money... http://dalefarm.wordpress.com/donate/
"I suspect 'could' in this context means 'will'."

That's something you can take to the bank!
jameshigham's avatar

jameshigham · 704 weeks ago

Crisis after crisis, every way we turn in this effing country. I'm locked in a fight with two utilities companies at the same time and I'm lucky.

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