The UK is very much involved in the Greek Debt Tragedy
The s
pin line from Brown and Darling is that the UK is not going to have to pay for the Greek rescue - that'll be the Euro countries.
The BBC is of course quite happy to swallow that one whole.
But its not true.
Our banks are some of the largest lenders to Greece, and our banks are underwritten by the UK taxpayer and the Scottish ones next to Brown and Darling's constituencies are owned by us.
If Greece default - Britain will be stung, and stung hard.
By £7.8 billion for the Greek economy;
and if the contagion spread, which it mostly likely would,
£15.6 billion to the Portuguese Economy; and,
and £76.2 billion to the Spanish Economy.
So its not just a Euro zone affair, and Berlin isn't just thinking of running Athens, but also saving of a wide spread collapse. ( The Germans have the money, but because of historical sensitivities , see right, need the French to make it look European. ) And the UK will be expected to cough up. Knowing Brown it will be in the small print in his usual cowards stealth approach which is the standard deceit by which he tries to control the media.
PS I though it was ominous when one of my recent statements from HSBC had a reassurance across it that this account was covered by the deposit protection scheme, especially as HSBC had performed so well in the crisis.
Now I have an unhappy feeling they are just preparing the ground for the next wave a financial shocks they can see coming.
Update: Catch the New Satesman as the lefties finally wake up to the soveriegnty issue and the Euro here.
pin line from Brown and Darling is that the UK is not going to have to pay for the Greek rescue - that'll be the Euro countries.The BBC is of course quite happy to swallow that one whole.
But its not true.
Our banks are some of the largest lenders to Greece, and our banks are underwritten by the UK taxpayer and the Scottish ones next to Brown and Darling's constituencies are owned by us.
If Greece default - Britain will be stung, and stung hard.
By £7.8 billion for the Greek economy;
and if the contagion spread, which it mostly likely would,
£15.6 billion to the Portuguese Economy; and,
and £76.2 billion to the Spanish Economy.
So its not just a Euro zone affair, and Berlin isn't just thinking of running Athens, but also saving of a wide spread collapse. ( The Germans have the money, but because of historical sensitivities , see right, need the French to make it look European. ) And the UK will be expected to cough up. Knowing Brown it will be in the small print in his usual cowards stealth approach which is the standard deceit by which he tries to control the media.
PS I though it was ominous when one of my recent statements from HSBC had a reassurance across it that this account was covered by the deposit protection scheme, especially as HSBC had performed so well in the crisis.
Now I have an unhappy feeling they are just preparing the ground for the next wave a financial shocks they can see coming.
Update: Catch the New Satesman as the lefties finally wake up to the soveriegnty issue and the Euro here.
