Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-17-Speech-1-055"
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"en.20100517.14.1-055"2
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"Mr President, British taxpayers will end up contributing some GBP 10 billion to prop up the euro – a currency we resolutely rejected – as part of the GBP 215 billion hand-out from the International Monetary Fund. This is in addition to the GBP 8 billion if Greece defaults on its debts, and GBP 5 billion in loan guarantees to Latvia and Hungary. Britain may end up giving a total of GBP 23 billion to bolster the euro.
But, if the shoe was on the other foot, I can only imagine that the Commission would rub their hands in delight at the prospect of a failing pound and a weakened London. The recent onerous legislation on hedge funds is the clear signal of this. The invocation of Article 122 of the Lisbon Treaty is the loosest interpretation of legislation I have ever witnessed and, in my opinion, demonstrates a sort of political hoodwinking that proves that every paragraph of every article of every treaty is not even worth the paper it is printed on.
I would suggest the justification of exceptional occurrences fails to take into account the fiscal irresponsibility that created this mess. The latest move robs Britain of vital veto powers by allowing qualified majority voting on future bail-outs."@en1
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