Europe forges fiscal union to stem debt crisis; Britain says no

UK was/is smart to distance themselves from the "Entitled Ones".

Greece, Italy, Spain, Portugal, Ireland and a host of so many more entitled countries will self-destruct from their greed.

RR

Hopefully the UK won't become a pirate island now. They should just leave the EU, all they do is block everything.

I'm so glad we didn't adopt the euro

I guess, in theory, the EURO, was very good, but, if you have super economies like Germany in the same boat with lazy countries like Spain and Greece?? Well no surprise here!

Good job UK. Margaret Thatcher was right refusing to join EU currency from the beginning. Stay out.

Hindsight is 20/20. Shoulda, coulda, woulda, but what if this is not enough?

It's easy to praise the UK, but this colossal mishap of letting any country with a half-baked plan join the euro threatens the world economy now. If the euro goes, it and anything like it is gone for good.

I say have the lending banks (the ones that should've known the debt wasn't repayable) write-off half the debt, that'd make this fiscal union easier to swallow.

It will be fun to watch countries fiddle their budgets so as to meet new arbitrary requirements. How surprised everyone will be in a few years when, despite having supposedly "balanced" their budgets, some countries will suddenly become insolvent.

I do wonder if Cameron might not have been better off agreeing to a treaty change and having it rejected in a referendum. I'd like to see the EU try their "vote again" tactics on the UK whereupon they would receive a more decisive "no" than the first time.

Perhaps only Esperanto can capture the absurdity and dangerous futility of what is going on here.

Britain can crawl back in its shell. Conservatism and isolationism, even now, thrive in this nation. It should leave the EU and pursue policies that are, according to Cameron, in its interests.

The UK refused to use the Euro and now I don't blame them for going along with this economic mess made by the Europeans meaning France and Germany etc...

Three cheers to Cameron to stay out of this foolishness!

Heh, not that long ago the global liberals were calling for the Euro to replace the dollar as The International Monetary Standard.

How's that crow tasting?

RR

RomeoR:

They are still dreaming about it.

Bluebris:

Sorry, but that is nonsense. The exact opposite is the case: The big PIIG lender banks are hell-bent on getting bailed out with ever more bailout funds. Cameron is pulling the break --- which is exactly the reason why Sarkozy is is so pissed off.

@Presto345 Sounds like you're talking about Japan!

Bluebris:

" I could suggest that what you say is nonsense, but the fact is that it depends on which article you read and believe, "

That the big lender banks are in support of the new EU treaty is something you can easily verify. So it is plain that your claim that Cameron was controlled by banks is nonsense. Not a question of belief, just of doing your homework.

The UK should leave the EU and strengthen its ties to the Americans and Japanese. I also think NATO has outlived its usefulness. The Continental Europeans need to carry their own weight. With their need for Russian gas they are already under the Bears influence. Their is no need for an invasion, all they have to do is turn off the gas. The UK would be better off without them and their STUPID rules.

Heh, not that long ago the global liberals were calling for the Euro to replace the dollar as The International Monetary Standard. How's that crow tasting?

Don't forget all the conspiracy nutters assuring us that 'BushCo' invaded Iraq because Hussein and other Arab leaders had hinted about OPEC ditching the dollar for the mighty Euro.

Cameron is pandering to the big banks who played no small part in the mess the world economy is now in. He has no interest in protecting the interests of the UK, only his cronies and himself.

WIIIIIB: I could suggest that what you say is nonsense, but the fact is that it depends on which article you read and believe, plus I would never say that someone else's opinion is nonsense (even when it is). Cameron is a typical self-serving Tory. Only interested in himself and those who line his pockets.

Gaijinnochhio:

" I say have the lending banks (the ones that should've known the debt wasn't repayable) write-off half the debt, that'd make this fiscal union easier to swallow. "

No it would not, because the underlying problems are still there. The PIIG country economies are still very different from the Northern economies, and there is no such thing as a one-size-fits-all currency. The PIIG countries will continue to run deficits, and since they can´t devalue, they will again turn to the lender banks. The lender banks will then decide if a) they are sure that Germany bails them out or b) take a gamble on possible defaults/haircuts and ask correspondingly high interest rates.

In short, even after the haircut, Europe is in exactly the same pickle again, Only the next crash will come sooner, because now the lender banks will price in the risk accordingly.

There is NO WAY out of the Euro crisis other than eliminate the cause = the Euro.

The Union of Soviet Socialist Republics - Part Deux

Maybe the Euro zone can beg the Chinese?? Indians??$$$$$ to try and bail them out??

Thank you Mr Cameron!