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> "The UK is not a part of the euro." Turns out that, with regards to the Southern European bailouts, that didn't matter. Even with a deal in place to protect
by ZenoArrow 10y ago
> "The UK is not a part of the euro."
Turns out that, with regards to the Southern European bailouts, that didn't matter. Even with a deal in place to protect against being part of bailouts, the UK was still asked to pay £850 million towards the last Greek bailout.
https://www.theguardian.com/business/2015/jul/15/european-commission-proposes-using-uk-contributions-towards-greek-bailout https://www.theguardian.com/business/2015/jul/15/european-co...
- dharma1 10y agoThe UK would have been protected against Euro bailouts in the future http://www.bbc.co.uk/news/uk-politics-eu-referendum-36456277 http://www.bbc.co.uk/news/uk-politics-eu-referendum-36456277
- ZenoArrow 10y agoThe UK already had such a deal before the last round of bailouts, didn't stop the EU from going back on their word... http://www.telegraph.co.uk/finance/economics/11737286/EU-demands-Britain-joins-Greek-rescue-fund.html http://www.telegraph.co.uk/finance/economics/11737286/EU-dem... "Britain will be liable for close to £1 billion of emergency loans to Greece, it can be revealed, after Jean-Claude Juncker tore up a “black and white” deal to protect UK taxpayers from Eurozone bailouts." "Britain pays around 14 per cent of the EU budget – meaning that lending Greece 8.6 billion euros would leave UK taxpayers exposed to the tune of around £850 million. The risk of default is high. Yet Mr Cameron secured a binding written agreement with his counterparts at a Brussels summit in December 2010, explicitly prohibiting such a deal. In exchange for British consent to treaty change to create the ESM, the text of the deal stated that the EFSM would not be used again to bailout Eurozone members."