The UK government has offered £10bn ($15bn) in loans to the International Monetary Fund (IMF) to help economies in trouble. WHAT! I hear you scream.
IMF, international monetary fund, managing director Christine Legarde is hoping to swell the coffers considerably. She wants an increase of $400bil. Of course other countries are being asked to contribute. Right now the details of countries and their additional contributions are, Australia will contribute $7bn, Singapore $4bn and the Republic of Korea $15bn.
Details of this farce can be read at the BBC here. For what it is worth here is this blogger's opinion.
We do not however want to be told to tighten our belts for the government to squander money to a worthless cause. Let The EU is finished. Pouring good money after bad is not a sensible option. If you have a house that is beyond repair you tear it down and start again. That is unless you have money to waste and are happy spending on a "money pit".
Governments may feel that they have no other option but that is short sighted. It the EU is going to fail they are simply delaying the inevitable and making a mess of economies in the process.Countries such as Greece that have been trown into deep debt will not survive without radical change. For them it will be an exit from the EU. It has to be. Those countries just protecting their own ends are not being helpful. They are adding to the impending disaster.
Asking UK people to work longer for less money and fewer entitlements may seem all well and good to our illustrious Coalition government but the people may not agree. After all telling us we will have to "suck it and see" when the people of countries we will be bailing out retire earlier and enjoy higher benefits and lower taxes is a nonsense. If Chancellor Osborne has money to squander perhaps he could reverse the granny tax, stop NHS waiting lists increasing, put more police on the streets, improve the minimum wage or commit to 100 and more other improvements sorely needed in Great Britain. Money to burn? Yes it seems when it suits there sure is.
Tags: Granny Tax, Chancellor Osborne, UK taxes, IMF, UK IMF loans, Christine Legarde, bank bail outs