Thursday, 11 February 2010

A Deal To Save Greece

It looks as though for the time being that a deal has been agreed where Germany and France will help out Greece to save the Euro. There's no details yet, and whether this is just a statement to ease market fears is uncertain.

It's also not clear whether this will involve the UK. Bailing out Greece would be political suicide for Labour for a currency we're not even part of, though if the EU invokes Article 122 of the Lisbon Treaty we would be legally obliged.

Certainly Brown failed to rule out UK help yesterday at PMQs when he was asked twice about bailing out Greece, once by Douglas Carswell. Alistar Darling is quoted today in response to whether UK taxpayers will have to help foot the bill:
At the moment there is no proposal to do that. What we have said is that primarily the first port of call is the euro area and the euro area are very, very engaged in that."
So that's a yes then.

Update: Comment on the PoliticalBetting website:
On the Greek bailout: Do we get to keep the Elgin Marbles as part of the deal?

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