IT is now proposed that a two trillion Euro safety net be set up by the International Monetary Fund and G20 member states, together with international banks and financial institutions, to prevent the complete collapse of the Euro.
The UK has already contributed to the expansion of the European Union’s requirement for more EU foreign embassies, the bailout of Ireland, salary increases for already-overpaid Eurocrats, and the failed bailout of Greece.
It is already apparent that Greece cannot pay its debts and will be insolvent within the next few months.
Even though Greece failed to meet the requirements for entry into the European Single Currency, the European Commission allowed Greece to join. This was in breach of its own legislation and was therefore illegal, but membership was sanctioned by the Commission because of its fanatical desire to achieve a United States of Europe.
Article 125 of the Lisbon Treaty reads: “The union shall not be liable or assume the responsibility for the debts of any member states.”
Providing financial bailouts is therefore breaking the terms of the Lisbon Treaty and is illegal.
The EU has cobbled together an agreement for Greece to default on about half of its sovereign debt of over £300billion. Countries that have invested in Greece are going to lose some or all of their money, but will be expected to contribute to the two trillion Euro safety net to rescue Greece and prevent other EU member states from defaulting on their debts.
The citizens of the UK will all be paying for this débâcle by means of extra taxation and inflation, and all because the European Union does not obey its own laws. But then what do you expect of the EU when it has failed to get its own accounts passed by the Court of Auditors for 14 consecutive years.
Fraud and corruption are rife in the EU, and the European Commission’s cognisance of illegal acts is mainly responsible for the woes of the Euro zone. Criminality usually results in police investigation, but who investigates the European Commission?
Vice-chairman, Hunts and Cambs UKIP