Britain 'won't bail out Greece again' says Downing Street

Telegraph (UK) ^ | 12:16PM BST 20 Jun 2011 | By Szu Ping Chan and Andy Bloxham

[DeaconBenjamin]

Britain has not been asked to take part in any new European Union bailout of Greece, Downing Street said today.

Downing Street said proposals drawn up last night by the 17 eurozone countries do not involve Britain. "There is no proposal on the table which would involve us. The arrangements in place for Greece are arrangements that involved eurozone countries, and we weren't involved in those arrangements."

Asked if any specific request for help was directed to the UK, the spokesman replied: "No there hasn't."

Mr Cameron will discuss the Athens situation with European Commission president Jose Manuel Barroso at a meeting at 10 Downing Street this afternoon but is not expected to make any offer of help.

Germany and France have signalled that there is no reason for London to pay a share of a repeat bailout, likely to be finalised within weeks and for a similar sum as the first.

At today's talks in Luxembourg, Mr Osborne is expected to say that the issue is one for the eurozone alone.

Britain's only potential contribution to bailing out Greece again now comes from its shareholding in the IMF, in the form of loan guarantees which would only be called in if Greece defaults.

The UK did not contribute to the original 110 billion euro deal a year ago, put together by eurozone countries to help save one of their own.

With the slow pace of deficit reduction in Greece and the economic crisis far worse than even pessimists feared, a second bailout is now considered inevitable. Some observers predict default.

Boris Johnson, the Mayor of London, yesterday said the situation had become so dire that Britain should refuse to back Greece, to pave the way for the troubled country to default on its debts and leave the euro.

[DeaconBenjamin]

10 Downing Street is the Prime Minister's residence.

[mewzilla]

Note to British taxpayers: Prepare for incoming!

[ClearCase_guy]

Everyone will default eventually. Even us. There really is no way out.

[McGavin999]

They’re basically throwing money down the toilet. Let it fall and then help to rebuild it.

[mewzilla]

So what’sthe ruling class accomplishing with the delay? They hide money, we’ll find it. They try to hide themselves, we’ll find them, too.

[ClearCase_guy]

I think part of it is fear. We've all heard stories of someone at a business who "borrows" $1000 to go to Vegas. They figure they will give the money back upon their return. But they lose it all and cannot pay it back. So they steal more, planning to go back to Vegas, win big, pay the money back and move on. But they lose it all.

Eventually, the person has stolen $1.5M from their employer and is still going to Vegas, hoping to win enough to pay it all back.

Fear. Fear and stupidity eats their soul.

[mewzilla]

Fear. Fear and stupidity eats their soul.

And greed. Let's not forget greed.

[mewzilla]

And for the support of this declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes and our sacred honor.

We've got pols when what we need are statesmen.

[Happy Rain]

Just think if the federal government and the state of Michigan decided to cut entitlements to money pit Detroit.
Would the Motor City citizens change their inefficient ways or burn the city down?
Work,sloth or fun? Remove any one of these and what would the average career moocher chose?
Leftist Greece and Democrat run cities like Detroit have two things in common.They don't work and they can't survive without sucking the teats of those who do.

[hosepipe]

Who will bail out Britain?..

[Doofer]

They’re basically throwing money down the toilet.

Can you say Tarp, QE1, QE2 with QE3 to come?

[iacovatx]

BINGO! The realization that greed is the basic motivation of the socialists explains the core of their actions. It is no more complicated than that. Next time you read of a socialist expressing an opinion or recommending an action, ask yourself if greed is the main force at work.