EU governments’ support for financial sector 4.5 tr Euros; UK top of the list

Monday, December 6th 2010 - 05:23 UTC

Full article 3 comments

European Union states have underwritten their financial sectors with 4.5 trillion Euros of aid since the banking crisis hit. Top of the league is the UK, which pledged 850.3bn Euros of support between October 2008 and October 2010. Read full article

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Redhoyt
According to commentators on these pages the UK is broke ..... wonder where we got the money from ?
Dec 06th, 2010 - 08:31 am - Link - Report abuse 0
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Zethee
From our pirat navy of course.

YARR!
Dec 06th, 2010 - 03:40 pm - Link - Report abuse 0
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polacandino
”wonder where we got the money from? is a good question. All money today is fiat currency which is backed by the ability of governments to collect an equivalent amount in taxes from its people at some time in the future. So the answer to question may be that you got the money from your children or, more likely, such a large sum would have to be put on your grandchildren. Depending on the depth of your current debt, your great-grandchildren might be paying the bill for this one. In some countries (you know who you are!), rich people have gotten laws passed that exempt them from the taxes needed to pay for today's currency issues. In a few countries, ordinary people are saying that they no longer want to participate in the great global financial casino. Global finance is on overdrive right now, printing more money than anybody will possibly ever be able to underwrite. I wouldn't worry too much about the UK getting wiped out. When that happens, everybody else will be broke as well.
Dec 07th, 2010 - 01:17 am - Link - Report abuse 0
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