Monday, August 01, 2011

EU Commission proposes extra payments from Britain for Debt Crisis!

The Europa Midday Express Press Release for today, headlines a proposal which will inevitably increase Britain's payments to the bailed out EU Group of countries. The link to the Press Release is here.

The detail of the proposal is set out in another link which explains:

It concerns Member States that have been most affected by the crisis and have received financial support under a programme from the Balance of Payments mechanism for countries not in the Euro area (Romania, Latvia and Hungary) or from the European Financial Stabilisation Mechanism for countries in the Euro area (Greece, Ireland and Portugal).

Usefully, it then carries a link to the detail of the payments so far made under the EFSM, (into which the UK pays as opposed to the EFEF to which it does not,) The link and detailed payments may be read from here. NB It has been alleged in the British Parliament that contrary to the original understanding, payments from the EFSM have been excessive as compared to those from the EFSF!

Although this is merely a proposal from the EU Commission, care is required, for it would not be the first occasion in the EU, where proposals yet to be legalised, are entered into effect as if they were law, the External Action Service being one such prime example.

Cameron is in Tuscany acting as a waitress for his wife, is anybody in the Government really watching what is afoot in this ever deepening EU crisis?

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