I1L2T3 Posted May 9, 2010 Share Posted May 9, 2010 http://www.telegraph.co.uk/news/worldnews/europe/greece/7696870/British-taxpayers-ordered-to-bail-out-euro.html Article 122 of the Lisbon Treaty means we will be out voted. We seen it coming and there is nothing we can do - the 16 members of the Euro zone comprise a majority. It's a done deal. Overnight (i.e. by tomorrow) we will have become exposed to and liable for billions of pounds of Euro zone sovereign debt. 8.6bn Euro for every 100bn Euro is our liability - approx 70bn Euro. http://the-tap.blogspot.com/2010/01/darling-fears-art-122-of-lisbon-treaty.html Link to comment Share on other sites More sharing options...
andyofborg Posted May 9, 2010 Share Posted May 9, 2010 article 122 doesn't exactly say that it appears that article 122 has been invoked to try and force the stabilisation fund through, whether or not that stands is open to challenge and i'm sure it will be the eurozone crisis is bad for us and would be bad for us whether or not we were in the euro and whether or not we're in the eu Link to comment Share on other sites More sharing options...
I1L2T3 Posted May 9, 2010 Author Share Posted May 9, 2010 article 122 doesn't exactly say that it appears that article 122 has been invoked to try and force the stabilisation fund through, whether or not that stands is open to challenge and i'm sure it will be the eurozone crisis is bad for us and would be bad for us whether or not we were in the euro and whether or not we're in the eu Whatever 122 says exactly they're using it to force us to participate in a bail out. Today. There isn't exactly time for a legal challenge through official channels to take place. So how would the challenge work? Of course the Euro zone crisis is bad for us but British taxpayers taking on £55bn of sovereign debt from other countries causes us more problems on top. Edit: scrap the overnight bit. This has to be in place for the opening of Asian markets later today. Another £3,000 debt per British family before tea time. Link to comment Share on other sites More sharing options...
andyofborg Posted May 9, 2010 Share Posted May 9, 2010 Whatever 122 says exactly they're using it to force us to participate in a bail out. Today. There isn't exactly time for a legal challenge through official channels to take place. So how would the challenge work? Of course the Euro zone crisis is bad for us but British taxpayers taking on £55bn of sovereign debt from other countries causes us more problems on top. Edit: scrap the overnight bit. This has to be in place for the opening of Asian markets later today. Another £3,000 debt per British family before tea time. It will be interesting to see what the other non-Euro countries say and do. The deal may appear to be forced through today, but if that's followed by the whole thing being referred to the european court then it falls apart. Its not like someone is going to come knocking on the door asking for the money today or tomorrow Link to comment Share on other sites More sharing options...
I1L2T3 Posted May 9, 2010 Author Share Posted May 9, 2010 Its not like someone is going to come knocking on the door asking for the money today or tomorrow Indeed. We'll be paying for this for years Link to comment Share on other sites More sharing options...
andyofborg Posted May 9, 2010 Share Posted May 9, 2010 Indeed. We'll be paying for this for years the deal isn't done yet, so we shall have to see what happens there are many options that might come out of this, an eu wide equivalent of the imf might not be such a bad thing considering our circumstances. Link to comment Share on other sites More sharing options...
I1L2T3 Posted May 9, 2010 Author Share Posted May 9, 2010 the deal isn't done yet, so we shall have to see what happens Looks like Darling is putting up a good fight, refusing to get Britain involved. Link to comment Share on other sites More sharing options...
andyofborg Posted May 9, 2010 Share Posted May 9, 2010 Looks like Darling is putting up a good fight, refusing to get Britain involved. so he should, but his negotiating position is constrained by the fact he's only there to keep the chair warm i can't imagine the other non-euro countries are overjoyed about this some limited agreement may be necessary to calm the markets over the next few days, at least until we can get a functioning government Link to comment Share on other sites More sharing options...
Karis Posted May 9, 2010 Share Posted May 9, 2010 Why should a country that adamantly refused to join the Euro, have to bail out other EU countries? It makes absolutely no sense whatsoever. Link to comment Share on other sites More sharing options...
andyofborg Posted May 9, 2010 Share Posted May 9, 2010 Why should a country that adamantly refused to join the Euro, have to bail out other EU countries? It makes absolutely no sense whatsoever. generally speaking we shouldn't but a crisis that cripples the eurozone countries will cripple us as well so we have to do something other than hide under the sheets and hope Link to comment Share on other sites More sharing options...
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