Skip to comments.U.K. to Eurozone Nations: We're Out, Good Luck
Posted on 12/08/2011 10:56:08 PM PST by tcrlaf
The 17 eurozone states and six other EU countries agreed early Friday to create a new treaty that will allow them to introduce stricter fiscal rules in the hope of containing a worsening debt crisis, but Britain's prime minister immediately threatened to block the new accord.
The failure to get agreement among all 27 members of the European Union at a summit meeting in Brussels reflected in large part a deep split between France and Germany on the one hand and Britain on the other. France and Germany are the two largest economies in the eurozone; Britain does not use the euro as its currency.
Britain's Conservative Prime Minister David Cameron said Friday "the institutions of the European Union belong to the European Union, belong to the 27" member states.
Cameron wished the eurozone nations luck in finding a solution to the crisis, which he conceded was in the interst of Britain, too, but said it was not in the U.K.'s interest to join the new treaty because he could not get special safeguards for the country's financial center.
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Exactly. The german government is the european Tea Party. The only ones who don´t want to get out of this crisis printing paper.
Not Great Britain, thank God. Not completely, not yet.
The Brits are literally dancing in the streets. Cameron may have just saved himself.
True. I figure the UK is only one Labour government away from that.
It’ll be interesting to see what the Liberal Democrats do about this. They seem to be highly displeased with this turn of events.
Will they be highly displeased enough to leave the coalition government?
Would love to hear Gingrich and Romney asked if they would execute money to the IMF to bail out Germany and the eurocrats, but I’d imagine it will never happen and the funding will be executed behind closed doors no matter who is president (aside from perhaps Ron Paul).
I quite agree with your assessment.
The German government has displayed a remarkable deal of economic common-sense, and to their credit.
Everyone else in Europe wants to go the Keyensian route out of this problem; the Germans are insisting on fiscal responsibility.
The German model is socialism through ridiculous subsidies, with national defense paid for by the US and the UK. Time to end their free ride. The only reason they have a relatively modest deficit is because they spend almost nothing to defend themselves relative to their GDP.
I don’t know much about Hungary, but the Czech Republic just elected a right wing nationalist government last year. I don’t see their parlaiment going for this.
The Swedes have their own currency. They would be stupid to sign up, but they may well be stupid.
I've spent a LOT of time in Hungary, Czech Rep, and Poland...and I couldn't agree more. Also about the women...
You're probably right. If the financial transaction tax is imposed in the Eurozone every German, French, Italian etc bank will only deal in London to avoid the tax.
One thing is for sure the rest of Europe is going to be playing by the German rules in the future. Its going to be very interesting to see how long the populations of France, Italy, Spain etc acquiesce to being ruled by Eurocrats dominated by Germany.
R.I.P. Democracy in Europe.
I'm not so sure it is turning out to Germany's advantage. The bailee countries are looking to Germany for a big handout.
To try to keep Europe afloat until after Obama is out of office.
Wasn’t Cameron carrying the EU’s water up til now? What the heck happened? And is his conversion sincere?
We can try to bail them out. There is not enough money. Period. All of this is just a delaying tactic.
Angela “Bumdestag” Merkel. Note to Europe: Way to go!
“The Communists lied to their people less than our media does.”
Good point! One difference: the media can’t send us off to Siberia for disagreeing with them. At least literally. They’re too busy turning the whole country into Siberia or Uganda.
How many months till we hit it do you think?
They were as good as the Swiss, but after the Euro split off, the Swiss were more or less alone in trying to control inflation, but that pretty much ended with the tax "evasion" investigation in 2008 (which was nothing more than a kudgle to force the Swiss to inflate).
I know we’re bailing all these bastards out, and when we finally run out of money, do you think they’ll thank us? No, they’ll say — just LOOK at what they’ve borrowed to continue their lavish lifestyles and now they can’t pay their debts. We’re not gonna just say, ‘oh, okay.’