Posted on 05/09/2010 12:28:29 PM PDT by bruinbirdman
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 as it will be put through under the “qualified majority voting” system.
The deal, effectively to shore up the euro, was denounced as a “stitch-up” last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain.
It was declared a "done deal” by the 16 euro zone leaders who met in the early hours of Saturday morning.
The decision was taken as David Cameron was locked in talks with the Liberal Democrats to try to form a government.
Alistair Darling, the Chancellor, will fly to Brussels for the meeting after promising to keep George Osborne and Vince Cable, his Tory and Lib Dem counterparts, informed. EU finance ministers have been given the deadline of midnight tonight to agree the highly sensitive but rushed proposals to protect the single currency from financial turbulence from the Greek debt crisis.
“When the markets reopen Monday we will have in place a mechanism to defend the euro,” said President Sarkozy yesterday. “This is a full-scale mobilisation.”
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 collective response to natural disasters. This does not need unanimous agreement.
By doing so, Mr Sarkozy has ensured speedy confrontation with a new British prime minister and other leaders of non-euro currency countries. All 27 EU finance ministers must be present, but because decision will be taken by qualified majority vote, the 16 euro zone
(Excerpt) Read more at telegraph.co.uk ...
Were going to see another world war soon.
Gordon the Leper signed Lisbon by stealth, after promising us a referendum, and now the Euroscum are trying to twist that already twisted treaty into a blank cheque to bail out their sad little empire.
The rest of my post has been pre-deleted out of consideration to the mods.
They’ve got it backwards. The euro is supposed to work for them, not vice versa.
I wish Britain had the “stones” to just walk out. They are a member of the EU but they as they ARE NOT part of the “Euro Zone”!
My thought is this plan has been in the works for a while and only hatched AFTER the British general elections. The “EUROS” feared presenting it earlier and were hoping for and planning on a “Labour” victory.
I doubt that it’ll go that far. Lets face it...the dollar is way undervalued right now...around .76 Euro to the dollar. Over the next three months...I see the Euro coming up to .90 Euro to the dollar...thus making the Euro cheaper to buy for Americans and more expensive for Europeans to buy American made products.
Thats probably the worst development for the next six months. On top of that....you can forget about the Greeks ever paying any of this loan back...and the current government in Greece falling by the end of the year. If I were a Greek millionaire...I’d move my money to the Pacific and just stay low for the next three years.
Those on pensions in Greece? They’d best start to calculate plan B. And those who got use to working thirty hours a week for full pay...their days are numbered.
UK should leave the EU and all the Anglosphere should form its own bloc.
GB needs to tell the euro to go screw itself... even if it means withdrawing from the EU.
These people are about to learn a serious lesson about economics and the consequences of your actions.
But I am sure they won’t learn anything, when governments fail they will blame it on capitalism and stuff.
Yup. This Greek government was too far in debt as it was and taking on $145 billion more debt is NOT going to help, especially at high interest rates.
The commies will be running Greece, for a little while, after the riots and revolutions. They will never be able it work of course.
actually... that would be scotland paying for europe... the english have already been drained
OOPS add Ireland!
Totally agree.
And remember, folks, when you hear everyone talking about the IMF bailing out Greece (or when you hear “IMF” at all in terms of bailouts), think “US TAXPAYER,” because the US taxpayer funds the lion share of IMF holdings.
yitbos
Sounds like taxation without representation. The Brits need to look back in history to see how to deal with that.
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