Looks Like We Are Bailing Out The Greeks After All.

[webbo3]

http://www.dailymail.co.uk/money/markets/article-3583512/The-taxpayer-backed-bank-s-propping-Greece-UK-hook-Euro-crisis.html


Another good reason to vote out.


Dave.

[Baldric]

"Quelle surprise!"

[retrocop]

Again!! We are in debt and not in the ill fated Euro but are still regarded as the world's favourite Bank. Mugs. We have to get out of Europe and put our own house in order with our own money first.

[DTCwordfan]

FT Jul 25th last year, quote, "British banks and building societies have a total $3.2bn exposure to Greece, of which just $31m is to Greek banks, according to figures from the Bank of England."

One would have thought that even this number has dropped significantly since then.

Given that at the same time (well 2 weeks before) total Euro-EEC exposure was 311 bln Euros, I think this puts the numbers in perspective and the Mail typically trying to make a mountain out of a molehill.

[DTCwordfan]

2nd info source - http://uk.businessinsider.com/league-table-of-greek-debt-exposure-2015-7

meanwhile I am looking for some more updated numbers.

[Baldric]

Whatever, we still need to get out while we have the chance.

[DTCwordfan]

This is worth reading as the central opinion is that a Brexit seriously could trigger another 2011.

http://www.marketwatch.com/story/europe-needs-britain-more-than-britain-needs-europe-2016-05-04

[retrocop]

Europe needs Britain more than Britain needs Europe.
That has been stated many times. It is the UK that props up Europe at our expense.We lose they gain. Course they want us to stay and we are mugs if we do.

[Baldric]

///Europe needs Britain more than Britain needs Europe///

///U.K. would be fine; it’s Europe that would suffer most with Brexit///

And the problem?

[ToraToraTora]

"looks like we are bailing out the Greeks after all" - webbo me old china how could you possibly imagine it would be anyone but us bailing out the bubbles? The EU is paid for by Germany and us, end of. All the rest is (creative??) accounting. We must extract ourselves from this tyranny ASAP.

[TheChair]

"Europe needs Britain more than Britain needs Europe.
That has been stated many times."
It must be nice to live in a world where stating something many times makes it true.
I'd be grateful if everyone on here could post "The Chair has won the National Lottery".

[Jackdaw33]

The Chair has won the National lottery. Please contact the Bank of Greece to collect your winnings.

[Kathyan]

I though Cameron had secured the promise that we would not be responsible for bailing out the Eurozone again? Oh silly me, he hasn't secured anything has he?

[DTCwordfan]

The one thing we do have is that our contribution into the EU is by far the lowest of any EU member state in terms of % of GDP. It's 0.6% whereas all the others pay from 1 to 1.6% - thank the blessed Margaret for that - this is not the net number after clawbacks for agriculture, road, regions etc and inward investment, it's the gross figure paid.

[Jackdaw33]

When our contribution is 0.0% I shall be happy.

[viv41]

Why is it always US ???

[ToraToraTora]

yes dtc but 0.6% of something is better than 100% of Sweet FA.

[New Judge]

“It's 0.6% whereas all the others pay from 1 to 1.6% - thank the blessed Margaret for that - this is not the net number after clawbacks for agriculture, road, regions etc and inward investment, it's the gross figure paid.”

Yes, and it’s worth examining why the Good Lady negotiated what is termed this “rebate” (funny term for being allowed to keep your own money). Forgive me, but I’ve cribbed some of this passage from an earlier answer I gave on a related topic:

In 1984 Mrs Thatcher secured a rebate on the UK’s contributions to the EU. This was because the Common Agricultural Policy (the CAP) which then accounted for 80% of EU spending (but now amounts to “only” 45%) was of little benefit to the UK. It still is of little benefit. France and Italy receive about 55% of CAP funding. Nine other countries receive 40% between them. The UK shares the remaining 5% with 16 other countries. So it’s perfectly reasonable that our contributions to a fund from which the UK gets next to no benefit should be suitably reduced.

Funding the Greek bailout is not about exposure to Greek debt. And in any case the bailout is not designed to help Greece. It is solely to protect the wretchedly ill-conceived euro. The Euromaniacs will use every measure at their disposal to protect their crowning glory – a single currency which has consigned millions of people in the peripheral nations to penury. The EU institutions will implement measures which will affect all EU nations, whether Eurozone members or not. The UK will be in the front line for these measures as it is one of the very few of the 28 which contributes funds to any significant degree.

[jourdain2]

I'm sorry if we are doing a disservice to the rest of Europe if we vote 'out', but my concern is for my country, my children and my grandchildren. It will, of course, be a bit of a rough ride at first - but I hope that every country will find its own salvation; NOT one imposed by a few beaurocrats.

[Huderon]

Goodness ! The DM really does know how to wind up it's readers !

EBRD founded in 1991 with 67 shareholders (all governments). Let me see now ... who was in power here at the time ? Ah, yes, the True Blues.

The bank is now self financing, meaning they don't actually need to call on finance from their investors any more. The investors are there really to act as guarantors in the event that the EBRD does go belly up.

So it isn't actual tax money we are paying today which is financing this at all, but the UK stake in the bank does give the good ol' DM a chance to put a wind up gloss on the report. Still if you want to look at it from the DM point of view, it is Germany, France, Italy, Japan and the USA as well as the UK which ia actually funding this "bailout".

[ToraToraTora]

"The bank is now self financing," - How? I think I know!