Wednesday, 25 July 2012

Lord Stoddart obtains eurozone guarantee figures

Independent eurosceptic Labour peer, Lord Stoddart of Swindon, has got some interesting information out of the Treasury on how much of our money the British government have committed to bailing out the €urozone.

In a response to a written question from Lord Stoddart, the Commercial Secretary to the Treasury, Lord Sassoon revealed the following figures:

  • The Bank of England has deposited €2bn with the EU Investment Bank and has promised a further €35.7bn in guarantees
  • The British government has committed €1.6bn towards a €10bn increase in the EU Investment Bank's capital
  • The UK's share of the €60bn EU Financial Stability Mechanism fund is €8.7bn
Assuming or guaranteeing the liabilities of other EU member states is illegal under EU law but that would be a bit inconvenient when they want to shovel more and more money into the black hole that is the €urozone so they just ignore the fact that it's illegal and carry on regardless.