Wednesday, November 17, 2010

British aid for Ireland's banks

The Irish Finance Minister, quoted by Reuters, linked here, makes quite clear that any British help for Ireland's banks will be an entirely British matter and nothing whatever to do with the EU, giving George Osborne even greater negotiating flexibility in the Ecofin meeting today where he is not bound by previous illegitimate undertakings made by Alistair Darling as mentioned in the posting immediately below. A quote from Reuters:

POSSIBILITY OF UK ASSISTANCE? If Britain wishes to participate, that's a matter for Britain in the event that a package is needed. That's a matter in the first instance for the United Kingdom. I know they see Ireland as one of their best customers and the United Kingdom is anxious to help in every possible way but I don't want to pre-empt their right to make their own decision in a matter of this type.

In general, the UK has not participated in European Union wide assistance, but I know that the British authorities are anxious to ensure that any help that Ireland needs will be given, so again it's a matter for the United Kingdom authorities, it's not a matter for the Irish matters.

But let's be clear, Britain is not in the eurozone , it's in the sterling area, but the eurozone is determined to protect its own financial system and that's very important.

(Blog editor's added emphasis). Cameron and Darling be warned, what you offer to Ireland has to be justified by you yourselves, any amounts offered cannot be blamed on the previous administration.

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