Every family in Britain will have to pay £300 to bail out the Irish
I thought the whole idea of the European Union and the Euro was to make Europe stronger as a force in world finance and make its citizens lives easier and more prosperous? Hasn’t quite worked out that way now has it? These countries are worse off than before they joined the socialist EU – who, it turns out, dictates to its members what they can and can’t do – mostly what they can’t do. Socialist utopia 101! First Greece and now Ireland. I can almost guarantee that Portugal and Spain aren’t far off. Must be wonderful to live in countries where you work the least and get the most out of your “entitlements”. Pity the money usually runs out before the good feelings do. Well, Ireland wanted to join the socialists and now they have to suffer like them too. On top of it all, the EU are forcing them to take the bail-out – thereby forever putting the country in the hands of the EU. I predict that this can’t go on for too much longer without the people starting to protest and demand the EU disband. We live in interesting times…
Every family in Britain will have to contribute nearly £300 to prop up the ailing Irish economy.
Chancellor George Osborne agreed last night to pay £7.5billion towards an international bailout worth up to £85billion.
This lands British taxpayers with an increase in the colossal debt burden – already £952billion – at a time of desperate cost cutting.
They will be stung three times because Ireland will receive funds from the European Union, the International Monetary Fund and direct loans from Britain.
The £7.5billion liability for British taxpayers is the equivalent of £288 for every household in the UK.
Experts warned that the humiliation of Ireland will have a domino effect, threatening the future of the euro.
Fears are rising that Portugal might also need to be saved as the debt crisis tears across Europe, with Spain not far behind. Foreign Secretary William Hague claimed the single currency might not survive.
The final bailout total is expected to be between £68billion and £76billion, but it could be as high as £85billion. Britain’s contribution will be between £6billion and £7.5billion.
On one of the darkest days in recent Irish history, Prime Minister Brian Cowen bowed to a week of EU pressure and said the once-mighty Celtic Tiger requires a humiliating Greek-style handout to prop up the government and its basket-case banks.
‘The government has today decided that Ireland apply for financial assistance to the European Union,’ he said. ‘European countries have agreed to our request. A formal process of negotiation will commence that will lead to assistance.’
Opponents of the bailout point out that the UK is trying to save £7billion in cuts this year, with 25 per cent reductions in many departments over the next four years.
The Dublin government will be forced to copy Britain in announcing a new budget tomorrow, which will include cuts of £13billion by the end of 2014. The Republic currently spends about £16billion more than it receives in taxes.
Irish Prime Minister Cowen insisted the bailout did not amount to a ‘loss of sovereignty for Ireland’.
But he faced questions about his own future after being forced to go cap in hand to international financiers – a move which shattered the economic reputation of the Labour government in the 1970s when Britain received an IMF bailout.
With fears mounting over the health of Portugal, Spain and even Italy, the rescue of Ireland might not be enough to save the euro.
The opposition party in Lisbon claims that Portugal’s debt mountain is even bigger than the government admits.