Jeff Randall, Daily Telegraph:
"The bail-out of Greece began with a 100-billion-euro package. Very soon a second deal of the same order was required. Now we learn that the 440-billion-euro European Financial Stability Facility may need to be five times bigger to beat back the Debt Beast, which, having gobbled up Greece, is turning its attention to Italy, where Silvio Berlusconi is in a 1.9-trillion-euro hole."
If the Eurozone doesn't have sufficient money then the IMF will have to provide the shortfall and it is correct, I believe, that the UK is responsible for 4.5% of IMF funding. That the UK's share would be one hell of a lot of 'dosh', which we dont appear to have, cannot be in question and can only be provided by either further austerity measures or increased taxation.
Two aspects of this 'euro debacle' should provide some entertainment:
- Cameron. Clegg and MiliE maintaining the line that eurozone bail-outs do not involve the UK: and;
- The behaviour of Conservative 'Europlastic' MPs when passing through the voting lobby at the end of a motion, one which will surely be tabled, criticising any payment to the IMF.