Thursday, December 15, 2011

Why cannot the British media stand up for Britain like the Irish Examiner?

Earlier today, I linked to a column in the Irish Examiner of this morning, here it is again, as it is well worth reading in full. Below though there follows, for those without the time, another accurate and telling quote:

The crux of the crisis remains the capacity of eurozone governments and European banks to re-finance their operations in 2012. The summary situation is: €1bn of sovereign bonds, with almost a third of this required in Italy in the first half of the year; €640bn of rollover finance for circa 90 banks. If private and institutional investors require double-digit bond yields, the funding will be unsustainable. The EFSF/ESM entire pot amounts to a maximum of €700bn — falling well short of the potential firewall or backstop of almost €2 trillion. A shortfall seems inevitable unless the ECB can step in to provide emergency liquidity or Eurobonds. The most significant fallout from Brussels bungling is the new fracture in UK/EU relations. Deepening British euro scepticism has developed into outright conflict with Nicholas Sarkozy. Why should the Brits give up the flexibility of macro economic management they retain through the Bank of England and Chancellor of the Exchequer for a currency they don’t belong to? This chasm runs deeper than merely an exemption for the City of London from the Tobin tax on financial transactions. David Cameron may be bête noire of Europhiles, but probably has majority popular support at home. Defiance of Merkozy dictatorship merits wider consideration. Sarkozy resembles a sleazy serpent. Hopefully, he may not get re-elected.

(Blog editor's note: some of the billions and trillions may be mixed, but the sentiments are spot on!)

When is Britain going to do something about its fanatically EU and socialist media?



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