Monday 29 November 2010

UK Will Bail Out Portugal

Osborne confirms, what we already knew, in the Commons today (my emphasis in the text):
Mr Tobias Ellwood (Bournemouth East) (Con): What will happen if another eurozone country requires a bail-out? Will Britain’s involvement be kept to a minimum?

Mr Osborne: I say this about any future action that we may or may not have to take. On the bilateral loan, I said last week that there were some very specific—I stress the words “very specific”—circumstances that would lead us to support Ireland because of the interconnectedness of our economies. I also said that the European financial stability mechanism, the EU fund, was something that the previous Government had signed up to, and that the UK could not block its use because it operated under qualified majority voting.
...and Spain and Italy and Belgium.

Can we leave yet please?


  1. Unfortunately to paraphrase an old ad for Del Monte:

    The man from Cameron, he say no!

  2. @WfW indeed, and it's time we said no to Cameron

  3. Oh for god's sake, what's the point in being out of the Euro zone if we're just as liable for their bailouts?

    Where are we getting the money from?

    I can see a situation where we are forced to bail out the rest of the PIIGS, Belgium et al and then go down the tubes ourselves. At which point no doubt the Euro cronies will point at us and laugh.

    It's going to take more than pretty pictures to force this sleep walking nation of telly addicts to come to their senses.

  4. Xen347, you may have just lost a million dollars:

  5. Isn't it amusing, that every time there is some "very specifing" circumstance mentioned, it happens in future?

    Could it be they like to keep us informed in their way?