Whilst financial experts warned Europe was heading towards a ‘Lehman moment’, referring to the collapse of the giant investment bank which plunged the world into recession, UK top Tories were showing no mercy on Thursday, to the plight of Greece and its economical crisis. Although German Chancellor Angela Merkel is hoping Britain will be included in the cost of any deal made on a second Greek bailout, ministers in Britain were urged by Tory members of parliament to allow Greece to default on its debts amid fears that the cost of the EU bailouts could reach more than 1 trillion pounds. A senior spokesman for the European Central Bank, claims the EU bailout fund could have to double to 1.5 trillion euros, equal to more than 1.1 trillion pounds, resulting in Britain being saddled with tens of billions of pounds in extra cost.
Ministers were told to resist a second bailout, leaving Greece to default and drop out of the euro. Former Tory Cabinet minister, John Redwood stated “the simple and best solution would be for Greece and other struggling countries to quit the euro’. Fellow Tory, Douglas Carswell said,”defaulting was now the ‘least worst thing’ for Greece to do”, adding “it would be totally unacceptable for more British money to be used in a vain attempt to prop up Greece or other struggling Eurozone countries”.
Britain’s own economic recovery still remains desperately fragile and Greece’s political crisis could have seismic implications for the livelihoods of millions of British families. A European meltdown could well plunge Britain into recession with incalculable consequences. Britain’s Tory members of Parliament want no more involvement in the appalling mess left behind by an irresponsible Greek government and would like very much to wash their hands of Papandreou and a crisis which will change the course of European history.
Source: Daily Mail (UK)