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February 03, 2010



What may not be realised is that although Britain is not in the Eurozone - as net contributors to the EU we are going to be part of this bailout : to the tune of several billion pounds that we don't have.

Yet another example of how EU membership is bleeding us white - even when we don't have a dog in the fight.

Matt Woods

Sorry Greece, we're skint. You're on your own.

Jean Monnet

From the latest EU treaty:

Article 123 (ex Article 101 TEC)

1.Overdraft facilities or any other type of credit facility with the European Central Bank or with the central banks of the Member States (hereinafter referred to as ‘national central banks’) in favour of Union institutions, bodies, offices or agencies, central governments, regional, local or other publicauthorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the European Central Bank or national central banks of debt instruments.

2.Paragraph 1 shall not apply to publicly owned credit institutions which, in the context of the supply of reserves by central banks, shall be given the same treatment by national central banks and the European Central Bank as private credit institutions.

13th spitfire

May I just add, in the perfunctory sense; LoL


What irony and humour. Greece is to be watched by the EU, the body that has failed year after year to have its accounts certified and the body that wastes money as if there were no tomorrow. You couldn't make it up - or could you? Perhaps we could have a TV comedy series called, 'Yes, Commissioner' or 'Yes, Mr President'.

It doesn't add up...

Never mind, we'll be asking them for €500bn shortly.

Mark M

Ah, the joys of countries who want to have German interest rates while pursuing loose fiscal policy.

Why don't people realise that you cannot get cheap credit unless people think they'll get their money back?

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