Monday, December 19, 2011

"Britain, the IMF, and the world's richest beggar"

Ambrose is not suffering Eurofools gladly today.
From the Telegraph:

Euro rage is reaching new heights over Britain's latest outrage.
Our refusal to pony up a further €31bn we cannot afford to prop up a monetary union that was created against our wishes and better judgment, and with the malevolent purpose of accelerating the great leap forward to a European state that is inherently undemocratic.

It is being presented as treachery, Anglo-Saxon perfidy, and the naked pursuit of national self-interest.
Let me just point out:

1) The UK never agreed to such a commitment in the first place. The line was written into the December 9 summit communiqué in an attempt to bounce Britain into handing over the money.

2) The UK does not consider the rescue machinery to be remotely credible as constructed....MORE