Douglas Carswell's Blog

Who left us liable for the Euro bailouts?

Greece, Ireland, now Portugal ....  Another bailout of the Euro dressed up as a rescue.  Another high interest loan pressed upon European taxpayers, as if that might solve the problem of excessive debt.

Over the past year, we have been struggling to save a total of £6.2 Billion public spending.   So how on earth did non-Euro Britain end up being liable for Euro bailouts worth many times that amount?

The current Chancellor told the Commons that the stabilisation bailout Mechanism is all his predecessor - Alistair Darling's - fault. 

But his junior Treasury colleague, Justine Greening, has submitted written evidence to Parliament that clearly said Alistair Darling only did the deal with "cross party consensus".

They cannot both be right.  

Perhaps last summer it was easier to take a cross-party, let's-not-bang-on-about-Europe-when-we-need-sort-out-the-public-finances approach.  Now the full implications of nodding though the small print on those first few days in office are becoming apparent - not least, the consequences on restoring our public finances.   I guess one or two Treasury officials must be rather hoping that the Information Commissioner does not rule in favour of my request to publish the advice incoming ministers were given.   

If Coalition ministers really disapproved of the bailout Mechanism deal, why do they look set to promote the senior official behind the negotiations to be the next UK ambassador to the EU?

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