Reporting of the new plan for a Eurobailout fund
is risible. We need to wake up to the EU implosion, and
have a proper debate about avoidance of disaster.
I was a little horrified last night to hear a BBCNews EU financial correspondent reporting that, while the Sarkozy bailout War Chest plan was potentially dangerous, “there is no way Britain will be dragged into it”.
I was only a little horrified because I’m becoming accustomed to intelligent BBC idiots commenting upon Eurofinance. This desensitisation didn’t stop me wondering yet again, ‘Where do they find these people?’ But I could just as easily have directed that question at most of the UK’s press media -be they tabloid or ‘quality’.
There are no two ways about this: any concerted Eurozone bailout action not involving the IMF will require the cooperation of all EU members, whether they’re in or out of the Euro. This is already obvious from the £52 billion ‘balance of payments’ fund announced in the earlyhours of this morning. (Further posting follows later this morning)
Further, the UK Parliament and People will have no veto on the final decision about who pays what. Ally Darling can go to Brussels (as he’s doing right now) and ‘vigorously oppose’ the plan until he is true blue in his Jock face, it will make no difference. This reality gives the lie to Gordon Brown’s fiction about Britain being better off out of the Euro: he signed the Lisbon Treaty, the Treaty allowed for majoritarian Executive decisions – and therefore we are in for a penny, in for a Euro.
The insanity of Le Sarkoplan is that bailers-out will be required to perform this activity today – and then very probably themselves be bailed out a little further down the road tomorrow.