Sunday, April 17, 2011

Have Cameron and Osborne lied about the EU Bail Out terms

I had the impression that only Finland had an absolute right to subject new payments from the EFSF (EU Bail Out Fund) to a parliamentary majority vote, giving an effective parliamentary veto to Finland.

According to a report from Sweden, published in the Financial Times this morning  at 11:11, as filed by their Stockholm office by Andrew Ward, it appears all other governments contributing to the EFSF also hold a veto over any new expenditures.

This is not how David Cameron and George Osborne have described the situation, declaring they are locked in, even to payments to new countries, as a result of the decision by Gordon Brown and Alistair Darling, on which subject I have had much to say in the recent past!

The quote in the FT, which at the moment may be read from this link, which was referred to in the posting immediately beneath this, states:

This gives Finnish lawmakers a de facto veto because each use of bail-out funds requires unanimous EU approval (blog editor's added emphasis).

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