British and US(?) tax payers forced to bail out the EU.

http://www.telegraph.co.uk/news/worldnews/europe/greece/7696870/British-taxpayers-ordered-to-bail-out-euro.html

The article writes,

"All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a "European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the 'qualified majority voting' system.

The deal, effectively to shore up the euro, was denounced as a 'stitch-up' last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain."

Wow, pretty shady. I presume it will be marketed as a necessary evil?

The article writes,

"All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a "European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the 'qualified majority voting' system.

The deal, effectively to shore up the euro, was denounced as a 'stitch-up' last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain."

Wow, pretty shady. I presume it will be marketed as a necessary evil?

entropyecho

[QUOTE="entropyecho"]

The article writes,

"All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a "European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the 'qualified majority voting' system.

The deal, effectively to shore up the euro, was denounced as a 'stitch-up' last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain."

Wow, pretty shady. I presume it will be marketed as a necessary evil?

clyde46

Well, Britan has been getting screwed over by the EU for a long time now anyways. Basically everything in Spain has been funded by the EU and Britan's money while Spain and the Spanish people sat back and did nothing. Watch "Jeremy Clarkson meets the neighbors" when he goes to Spain.

Well, Britan has been getting screwed over by the EU for a long time now anyways. Basically everything in Spain has been funded by the EU and Britan's money while Spain and the Spanish people sat back and did nothing. Watch "Jeremy Clarkson meets the neighbors" when he goes to Spain.

taj7575

I'd be very interested to get a europinion on this though.

[QUOTE="taj7575"]

Well, Britan has been getting screwed over by the EU for a long time now anyways. Basically everything in Spain has been funded by the EU and Britan's money while Spain and the Spanish people sat back and did nothing. Watch "Jeremy Clarkson meets the neighbors" when he goes to Spain.

entropyecho

I'd be very interested to get a europinion on this though.

But the rich should give to the poor!

But the rich should give to the poor!

hoola

This would never happen in America. clayron

The Federal Reserve on Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.
Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank, are also involved in the effort. The Federal Reserve said the Bank of Japan will soon consider a similar program.
The Fed said the action is being taken in "response to the reemergence of strains" in financial markets in Europe.
The spreading debt crisis in Europe has pushed up demand for the U.S. dollar.
The Fed also said the action was being taken to "prevent the spread of strains to other markets and financial centers."
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

[QUOTE="clayron"]This would never happen in America. clyde46

[QUOTE="taj7575"]

Well, Britan has been getting screwed over by the EU for a long time now anyways. Basically everything in Spain has been funded by the EU and Britan's money while Spain and the Spanish people sat back and did nothing. Watch "Jeremy Clarkson meets the neighbors" when he goes to Spain.

entropyecho

I'd be very interested to get a europinion on this though.

I guess you could add in France too. They have been the main factors dealing with this crisis.

So was the Greece the biggest thing to put the Euro in this predicament? Because I always thought it was a very stable currency with all the countries using it. :?Duckman5

Spain and Portugal are also doing pretty bad. Also if you have such a big group, everyone should be doing well. If one does bad, others have to help and it will slow thier progress.

[QUOTE="Duckman5"]So was the Greece the biggest thing to put the Euro in this predicament? Because I always thought it was a very stable currency with all the countries using it. :?taj7575

Spain and Portugal are also doing pretty bad. Also if you have such a big group, everyone should be doing well. If one does bad, others have to help and it will slow thier progress.

It's a necessary evil. Britain has to help out, if they don't they will be putting themselves in economic peril. If this spreads from Greece (which is the 29th largest country in GDP levels) to countries like Spain (9th on GDP level) and Italy (7th on GDP level), the whole of Europe could fall into a deep Depression, which if you think won't effect everyone in the world, think again.

[QUOTE="taj7575"]

Well, Britan has been getting screwed over by the EU for a long time now anyways. Basically everything in Spain has been funded by the EU and Britan's money while Spain and the Spanish people sat back and did nothing. Watch "Jeremy Clarkson meets the neighbors" when he goes to Spain.

entropyecho

I'd be very interested to get a europinion on this though.

[QUOTE="clayron"]This would never happen in America. clyde46

The Federal Reserve on Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.
Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank, are also involved in the effort. The Federal Reserve said the Bank of Japan will soon consider a similar program.
The Fed said the action is being taken in "response to the reemergence of strains" in financial markets in Europe.
The spreading debt crisis in Europe has pushed up demand for the U.S. dollar.
The Fed also said the action was being taken to "prevent the spread of strains to other markets and financial centers."
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

Well they did vote to give up their monetary sovereignty so...

[QUOTE="entropyecho"]

[QUOTE="taj7575"]

Well, Britan has been getting screwed over by the EU for a long time now anyways. Basically everything in Spain has been funded by the EU and Britan's money while Spain and the Spanish people sat back and did nothing. Watch "Jeremy Clarkson meets the neighbors" when he goes to Spain.

the_new_guy_92

I'd be very interested to get a europinion on this though.

Well they did vote to give up their monetary sovereignty so...

bacon_is_sweet

No, Britain still uses the Pound and thus have monetary sovereignty. They are part of the EU though, which is their problem at the moment ...

[QUOTE="bacon_is_sweet"]

Well they did vote to give up their monetary sovereignty so...

daqua_99

No, Britain still uses the Pound and thus have monetary sovereignty. They are part of the EU though, which is their problem at the moment ...

Yes of course, I was referring to the other countries. My apologies for not clarifying. :P

[QUOTE="the_new_guy_92"][QUOTE="entropyecho"]I will preface my comment by saying I am not a European, I am out of touch, and probably way off the mark, but it seems like Britain and Germany have been carrying the EU, fiscally/economically speaking since the inception of the union.

I'd be very interested to get a europinion on this though.

guynamedbilly

[QUOTE="daqua_99"]

[QUOTE="bacon_is_sweet"]

Well they did vote to give up their monetary sovereignty so...

bacon_is_sweet

No, Britain still uses the Pound and thus have monetary sovereignty. They are part of the EU though, which is their problem at the moment ...

Yes of course, I was referring to the other countries. My apologies for not clarifying. :P

My bad.

Anyway, this was a threat that all the EU nations knew could happen when they went into it. Relying on other governments to be financially responsible with the currency you use is just a recipe for disaster IMO

Why?the_new_guy_92

[QUOTE="the_new_guy_92"] Why?guynamedbilly

I may be wrong, but aren't they basically the "Greece" of the U.S. right now?

[QUOTE="the_new_guy_92"] Why?guynamedbilly

[QUOTE="guynamedbilly"][QUOTE="the_new_guy_92"] Why?bacon_is_sweet

I may be wrong, but aren't they basically the "Greece" of the U.S. right now?

Everyone always loves the benefits of being on the receiving end of the assistance, but hates to have to help their neighbour out.F1_2004

Truth, but it does seem that some groups tend to do a lot more "giving" than "receiving". In Australia the GST revenue distributed to the States is based on population, where 1 person in NSW gets 0.93, 1 person in WA gets 0.75 and 1 person in NT gets 5.0. Basically, per person, the NT will get over 5 times the money that NSW, and over 6 times what WA gets ...

[QUOTE="the_new_guy_92"] The problem with California right now is that they're being left to handle their deficit by themselves. They asked for a bailout and the Federal government said no. All while they're still contributing the most to the U.S. GDP. California put a lot more in the U.S. economy than they take outand that's fact. Almost all their social programs are state based with more money coming from state budgets than federal bugdets. So how was I off base?guynamedbilly

That's a common fallacy people use against California, that most of there money comes from entertainment. They produce more than majority of states in agriculture, they're the technology and engineering capital of the U.S, they have more manufacturing than majority of states, not to mention importing/exporting, and tourism. That state hands down carries the biggest load for the United States.

Edit: California is the manufacturing and agricultural capital of the U.S.

[QUOTE="guynamedbilly"][QUOTE="the_new_guy_92"] Why?bacon_is_sweet

I may be wrong, but aren't they basically the "Greece" of the U.S. right now?

[QUOTE="guynamedbilly"][QUOTE="the_new_guy_92"] The problem with California right now is that they're being left to handle their deficit by themselves. They asked for a bailout and the Federal government said no. All while they're still contributing the most to the U.S. GDP. California put a lot more in the U.S. economy than they take outand that's fact. Almost all their social programs are state based with more money coming from state budgets than federal bugdets. So how was I off base?the_new_guy_92

That's a common fallacy people use against California, that most of there money comes from entertainment. They produce more than majority of states in agriculture, they're the technology and engineering capital of the U.S, they have more manufacturing than majority of states, not to mention importing/exporting, and tourism. That state hands down carries the biggest load for the United States.

Edit: California is the manufacturing and agricultural capital of the U.S.

From and outside point, it looks like it would not be long before the Union crumbles and Germany and France pull out of the Euro.

However, I find it absurd that Greece were allowed into the Eurozone in the first place (No offense to Greeks) with tax evasion being a well known problem there.

Congrats on being good citizens of the world, Britons!fidosim

So while all this is going on some CEO(s) out there just rakes in this money? Or am I completely off?

Not sure if I understand the whole situation.

The Daily Mail is going to have a field day with this.

Also, excuse me whilst I view the situation with contempt.

i thought bailouts made everything better or so a lot here would have lead you to believe surrealnumber5

I dont mind too much. I mean its greece's own fault but it at least means that being in the EU does mean you are somewhat protected against screwing up too bad like Greece. Wolls

From and outside point, it looks like it would not be long before the Union crumbles and Germany and France pull out of the Euro.

However, I find it absurd that Greece were allowed into the Eurozone in the first place (No offense to Greeks) with tax evasion being a well known problem there.

[QUOTE="Wolls"]I dont mind too much. I mean its greece's own fault but it at least means that being in the EU does mean you are somewhat protected against screwing up too bad like Greece. entropyecho

[QUOTE="Bitter_Altmer"]

From and outside point, it looks like it would not be long before the Union crumbles and Germany and France pull out of the Euro.

However, I find it absurd that Greece were allowed into the Eurozone in the first place (No offense to Greeks) with tax evasion being a well known problem there.

Osaka-06

And obviously me commenting on the Greece situations says I'm from Europe.

Greece literally screwed rest of the europe.. I think they should be kicked out with other welfare countries.Pessu