UK No Money for IMF - Eurozone Crisis

Telegraph Live: Reports that the UK Chancellor of the Exchequer George Osborne has stated that the UK will not be putting money through the IMF as part of the EU bailout. This will go down well with the right wing Conservative backbench MPs, but as with all things EU, there is a catch, if a specific request for funds from the IMF for the Euro comes through the UK will say no, the answer is less clear if a call for general funds comes, funds that would end up in the Euro. The right wing MPs and the press will have to keep an eye on the IMF and the UK Treasury.

EU Deal - Eurozone Crisis

BBC News: Reports that the EU agreed a three point plan to secure the EU and the Euro, 1. 50% write off of Greek Debts by Banks, 2. A Trillion stability fund, 3. 106 Billion to refund the banks after the Greek write off. The problem is folks it’s a load of bad tea bags, Greece will still have a debt of 120% to its Gross Domestic Product, the various Greek austerity packages have not kicked in yet folks, the Greek Government still has not sold assets its has, the Greek people are in revolt over new taxes. Thus one can postulate that the Greek economy will retract further, thus more welfare spending, thus more debt. How long will the Germans and it’s the Germans folks bailout Greece, this is a bad deal for the Germans, the Greeks will never reform as they can blackmail the Germans. Then we come to Italy, promised reforms by a Government that might not last that long. The stability fund which has 220 billion left after the bailout is to be enhanced to one trillion, one idea is to ask China to give to the Euro, the Government of China already owns trillion of US debt, there comes a point that even China has to balance its books, also one has to state that it gives China far to much power over the US and the EU. This is another bad French idea. Then to the banks folks, the EU Governments want the banks to keep around 9% of their assets in house, in the even of a crisis, but this means that the EU is asking for 1, Banks to keep a reserve, 2, Lend to small business, its asking for different things, thus more problems down the line. The Markets have risen with this news folks, they are easily bought folks.