Motion on the illegaility of Eurozone Financial Assistance for Tomorrow in Parliament

EUROZONE FINANCIAL ASSISTANCE

Mark Reckless Zac Goldsmith Mr John Redwood Mr Douglas Carswell Mr Bernard Jenkin Henry Smith

Mr William Cash    Mr David Ruffley    Mr Peter Bone Steve Baker    Mr David Nuttall    Gordon Henderson Mr Philip Hollobone    Philip Davies    Mr John Whittingdale Mr Edward Leigh    Mr Christopher Chope    Mr James Clappison Mr Richard Shepherd

That this House notes with concern that UK taxpayers are potentially being made liable for bail-outs of Eurozone countries when the UK opted to remain outside the Euro and, despite agreement in May 2010 that the EU-wide European Financial Stability Mechanism (EFSM) of €60 billion would represent only 12 per cent. of the non-IMF contribution with the remaining €440 billion being borne by the Eurozone through the European Financial Stability Facility (EFSF), that the EFSM for which the UK may be held liable is in fact being drawn upon to the same or greater extent than the EFSF; notes that the European Scrutiny Committee has stated its view that the EFSM is legally unsound; and requires the Government to place the EFSM on the agenda of the next meeting of the Council of Ministers or the European Council and to vote against continued use of the EFSM unless a Eurozone only arrangement which relieves the UK of liability under the EFSM has by then been agreed.