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UK to face £4 billion bailout for Portugal ! watch

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    It's about time we stopped carrying these losers. We ought to leave the EU, and perhaps form a free trade zone with Germany and France.
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    (Original post by kevin6767)
    If I was George Osborne I would just flatly refuse to fund a bail out of another currency.
    You'd leave the IMF? That'd certainly put you in esteemed company - North Korea and Cuba are the only other notable countries who aren't members. Obviously they have the right idea.
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    You seemed to have missed one fundamental point.

    That being that we would only be liable under this EU bailout fund therfore cash would only change hands if Portugal defaults on it's repayments.
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    (Original post by Planar)
    It's about time we stopped carrying these losers. We ought to leave the EU, and perhaps form a free trade zone with Germany and France.
    what exactly you will export to France and Germany if I may ask?
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    (Original post by Rascacielos)
    Why is it we can afford a war in Afghanistan and Libya, and we can now afford to find £4 billion to bail out Portugal but we do not have enough money to support our students at university or the weak and vulnerable in our hospitals?
    Because there's a difference between structural deficit and cyclical deficit.
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    Osborne wrote an article in 2006 telling of the wondrous Irish financial system. Every day I look in the news, I have the message reaffirmed: what a mug.

    Portugal (and Ireland, Greece and Spain) ought to default - cuts as deep as they are (and are likely to be) are not worth the stable national finances they're supposed to create.
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    I love the EU.
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    (Original post by Kiwiiiii)
    what exactly you will export to France and Germany if I may ask?
    That's not the point. The point is that we won't be carrying dead weights like Ireland and Portugal anymore, and instead working only with strong economies which are not going to require help any time soon - such as France and Germany.
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    Well at least we didn't join the Euro or we'd be REALLY screwed
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    Portugal is our oldest ally, for about 800 years we've been buddies.

    If we weren't tied into bailing Portugal out already, I would've actually liked Cameron to come forwards and pledge some assistance.
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    (Original post by kevin6767)
    There is a big difference between the two organisations and what is required of it's members. I was talking about not providing £4 billion to bail out Portugal through the EU. The EU would not impose the same rigid rules to the conditions of gaining loans as the IMF. To compare Britain's membership to the IMF and bailing out Portugal through the eurozone is quite contestable and astonishing. How did you manage to link the two in such away? Do you not think our relationship with the IMF is completely different to that with the EU and Eurozone? That is rather like comparing the current situation in Libya with the Iraq war, two different situations.
    I'm not comparing anything. It was you who said you would refuse to bail out any countries - emphasising that by saying "We shouldn't bail out eurozone countries in the same way we shouldn't bail out other currencies" - which is something we do as a member of the IMF. The conclusion is therefore that you believe we should leave the IMF. Maybe choose your words more carefully in future.

    And seeing as the packages to Greece and Ireland involved a large amount of IMF assistance, and that the Portugal package is likely to do the same, your point about the loans being given on different conditions is nonsensical. The three sources of financial assistance are worked out together, not delivered independently of each other.
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    (Original post by sandeep90)
    They should give us an island or something, for that.
    Tragically this did make me lol
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    I think those who opposed the Euro have been totally vindicated by recent events. Thank God we kept the Pound, I don't think it is even possible to disagree with our stance on that issue anymore. It's a scandal that we need to bailout other countries, I'm totally against it.

    But it is also a scandal that our EU contributions have doubled in the last couple of years. Partly because the EU has expanded its budget despite the fact all Euopean countries are cutting domestic spending; and partly because we've just lost a big chunk of our rebate (for no reason, which is yet another EU related scandal).

    The combination of increased EU payments and bailout funds which we're wasting money on at the moment is insane. Time to secure a free trade agreement with the EU, but abandon the failed political experiment.
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    (Original post by Kolya)
    Because there's a difference between structural deficit and cyclical deficit.
    Ok, I accept your point. I still find it frustrating nonetheless.
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    (Original post by CandyFlipper)
    I think those who opposed the Euro have been totally vindicated by recent events. Thank God we kept the Pound, I don't think it is even possible to disagree with our stance on that issue anymore. It's a scandal that we need to bailout other countries, I'm totally against it.
    Oh yes, the UK is completely and utterly secure isn't it :rolleyes: Jeez, open your eyes. The day is coming and what will you say then? "No, USA*, you keep your bailout money we are too proud for that" YEH. RIGHT.

    * yes, I know they're pretty screwed too, but hey the UK will probably go down first.
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    (Original post by morris743)
    Oh yes, the UK is completely and utterly secure isn't it :rolleyes: Jeez, open your eyes. The day is coming and what will you say then? "No, USA, you keep your bailout money we are too proud for that" YEH. RIGHT.
    I don't think the USA would be in a position to bail us out in a world where we go broke.
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    (Original post by CandyFlipper)
    I don't think the USA would be in a position to bail us out in a world where we go broke.
    So you're admitted it is a strong possibility? lol why do you so many people think this country is so much better than others? There was once justification for it, no longer. The UK is not important anymore I'm afraid.
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    (Original post by morris743)
    So you're admitted it is a strong possibility? lol why do you so many people think this country is so much better than others? There was once justification for it, no longer. The UK is not important anymore I'm afraid.
    There is a chance that we're gonna tank, I think. We're inflating so much in the UK and USA to try and reduce the amount of debt we have that the world may simply lose its faith in the dollar/pound.
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    (Original post by CandyFlipper)
    There is a chance that we're gonna tank, I think. We're inflating so much in the UK and USA to try and reduce the amount of debt we have that the world may simply lose its faith in the dollar/pound.
    So what do we do when we're in trouble? Refuse the bailout? Mind you Germany may long have gotten out of the EU by this stage..lol
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    To counter the accusations that the fault for the 'bail-out agreement' was the responsibility of Alistair Darling alone:

    Former chancellor Alistair Darling agreed to UK liability for the emergency disasters fund shortly after last May’s general election, when the coalition government was in the process of being formed.


    He has said he only agreed to the deal after being assured of cross-party support after a conversation with George Osborne.
    Source: uk.news.yahoo.com


    Yet more evidence of the ineptitude of the incumbent Chancellor?
 
 
 
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