Smart thinking sir

[BertiWooster]

Cameron states that Britain will not contribute to the emergency fund to bail out Greece .
This is almost certainly playing to the gallery – the British public – elections later on and all that ?

However he states that Britain will make further contribution to the IMF - ( who are more than likely to step in with funds )

But that’s all right , because he is going to ensure that the british contribution is
sort of ‘ ring fenced ‘ so that none of it goes to Greece .

Smart thinking sir

[jno]

as long as it all goes to Italy, we should be safe, surely? I'm sure that handsome Mr Berlusconi knows what he's doing.

[Davethedog]

Politician in duplicitous statement shock!!! Never

[jake-the-peg]

Well that's part of our obligation as a member of the IMF and the fact that Greece has this Euro stuff going on is a coincidence.

The European Emergency Fund is not a replacement for the IMF.

You can't withold IMF funds because you disapprove of the way a country's run it's economy - one of the major reasons of having the IMF is to sort out contries that have messed up their economy - it's the reason for its existance.

[rov1100]

Pouring money into Greece is like pouring it down a drain. They are beyond help! Their population will not accept any austerity measures and want to continue bleeding the country dry by escape paying taxes. Their tourist industry will now go to the wall; who wants to spend their money being fleeced.
Let them revert to the Drachma and start again. The banks that foolishly lent to them will have to take a substantial loss.

[BertiWooster]

I dont disagree with what you say jake .

The point that i'm making here is , why is Cameron stating that we wont contribute to the fund , when he knows full well that Britain will in effect , by an indirect route .

Does he consider that the British public are fools ?

[bazwillrun]

"Does he consider that the British public are fools ? "

what politician doesnt ?

[jake-the-peg]

Actually Rov it would probably help their tourist industry.

However you seem to have the misguided idea that the economy of Greece is all tourism and olive oil.

The Greek shipping industry is the 2nd largest in the world 14% of the worlds shipping by weight is Greek and it's heavilly backed by foreign banks. It generates about 13 Billion a year in foreign earnings.

Leaving the Euro and defaulting would be devestating for that major section of the Greek economy.

[bazwillrun]

"Leaving the Euro and defaulting would be devestating for that major section of the Greek economy."

got anything to qualify that statement, bearing in mind Greece had a shipping industry long before it foolishly entered the european community and subsequently and even more foolishly adaopted the hopefully doomed euro

[rov1100]

Quite honestly I don't think there are many people who feel sorry for Greece. Whatever they have made from their shipping industry is insignificant compared with their other failings. Judging by comments they are a corrupt country, a black economy that has caused real trouble. Even Sarcozy and Merkel would now like to see the back of them.