European Union Euro-Zone bail out, now it is the turn of the Spanish, next in line possibly Italy and it does look like they may grasp the nettle of full fiscal and political union, at least for the Euro-Zone countries but it will be a United States of Europe led by the German’s!
But we still have our Prime Minister and Chancellor apparently prepared to sign new European Union treaties, in David Cameron’s own words, I will not sign anything without protection for the UK’s financial markets but…!
The European Union / Euro-Zone rescue for the Spanish banks will be interesting once the full terms have been announced and if, as expected, they escape the full austerity measures imposed on Greece, Ireland and Portugal there could be some justification for grievance by Ireland in particular because Greece, Ireland and Portugal have had to endure unbelievable austerity packages as a condition for their bail out.But we still have our Prime Minister and Chancellor apparently prepared to sign new European Union treaties, in David Cameron’s own words, I will not sign anything without protection for the UK’s financial markets but any treaty that is likely to require a UK signature will cede more powers to the European Union, remember the last treaty Cameron vetoed he only vetoed because he could not get protection for the City and if he had got protection for the city he would have signed it , transferring swathes of power to the European Union!
It will be interesting to see how the markets react but pressure is now building in the UK for an IN or OUT referendum, the public though should be aware the question will be rigged to point you towards the most favourable answer for the European Union, the European Union will pour money into the UK to try to convince us we belong in an ever closer union and particularly if the Lib Dem’s end up in coalition with Labour an out vote will probably be ignored and if either party tries that the voters must deliver a swift verdict!
For the time being watch and listen but there very few reasons supporting the UK membership of the European Union and many against, we would certainly be a more prosperous as an international trading nation outside the European Union!