Sunday, July 24, 2011

Where Progressives like Cameron are taking the EU including Britain!

A pdf file, linked here, titled 'Improving European Economic Governance' issued by the 'Foundation for European Progressive Studies' on page 4 describes its planning as being for 'Peacetime' (are they contemplating other circumstances?) It concludes with the following:

An International Debt Resolution Mechanism:

* should be based on principles of burden sharing contained in the chapter 9 municipal bankruptcy code of the United States
* extensively use GDP linked bonds and Eurobonds as exit instruments
* operate quickly targeting the timeline for a sovereign bankruptcy of less than 6
* make provision for adequate debtor in possession financing
* use an independent panel of experts who are supported by a dedicated secretariat
* address both loans and bonds
* cover liabilities owed to both private and public entities and
* operate under the aegis of a respected international body with a statutory status

This blog offers this insight so that Sunday Telegraph readers and Britain's electorate can be aware of just exactly where David Cameron and George Osborne, consider the "right" direction for our country.



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