Are we going to pay 8.6 billion to bail out Greece

  hssutton 23:40 08 May 10
Locked

We are told we are in a real finacial mess in this country, so could we really be expected to pay out £8.6 billion to help bail ou Greece?.

According to the Telegraph this could all be agreed over the weekend before our government sorts its self out

click here

  Uboat 00:31 09 May 10

Yeah if we are paying for any part of the bailout money i would be angry! WE need the money more than they do! at a time when our country is on its knees we seem to be sending MORE money abroad.??

Its all wrong!!

  sunnystaines 05:59 09 May 10

we should not pay as we are not part of the euro, but no doubt we will. I think greece should have been kicked out the euro for the fraudulent way they gave false accounting of their finances to the EU Bank.

the greek people are not even grateful to europe by rioting against cut backs the EU requested.

  Þ² 06:54 09 May 10

Gordy the squatter will agree it just to make things worse for Cameron.

  zzzz999 06:57 09 May 10

The Greek people are hacked off that they, the people, are having to pay for the mess the banks got them into. Rightly so.

  the hick 07:26 09 May 10

£8.6 billion? Whats that, another 3p/litre on petrol next budget to get it back!

  octal 07:49 09 May 10

Just to turn the tables a moment, if we were in Greece's position would we get a bailout? If the answer is yes then what is the point of ever joining the Euro? If the answer is no, then I think it's totally undemocratic that this country has to bailout a Euro currency country if the agreement is not reciprocated.

From what I understand, the financial position in this country is almost as bad as it is in Greece, but we are supposed have contingency plans to address it, it's a pity those liars in government are not giving us the truth of how much this is going to cost us. I've got a nasty feeling what we are seeing in Greece is just a prelude to what is like to happen in this country.

No matter what party is in, I'm beginning to feel like a mushroom.

  Forum Editor 08:25 09 May 10

Oh really?

There's a wider picture here. The crisis in Greece is serious. The banks that had lent money to the Greek government became concerned that the country's bad financial management might lead to an inability to repay loans, so they (the banks) started raising the cost of borrowing to protect themselves.

The Greek government sought help elsewhere, and turned to the International Monetary Fund and other EU countries. Loans were advanced at a better rate than the banks had offered, but there were conditions attached - Greece had to undertake to make stringent public sector savings to reduce its budget deficit.

That's what has caused the recent rioting in the streets - public sector workers are angry that their wages are to be cut.

The trouble in Greece has unsettled the international banks, and they are currently reviewing other risks in Europe and elsewhere. Vulnerable countries - those with big budget deficits - are likely targets; among them are Portugal and Spain. UK banks have been lending to these countries, and if they get into serious difficulties, and fail to meet their loan obligations our own banks could be in more trouble.

If the EU can work to reassure the lenders that their money is secure the situation may stabilise. We have a large budget deficit, and it's in our interests to do what we can to help in this process, otherwise we're also going to appear unattractive to lenders.

This is all an indication of how a global financial crisis impacts on individual countries - we cannot expect to be immune from the consequences, and should work with others to rebuild stability in Europe. At the same time we should look at Greece and see the warning - the Greek problems are largely the result of the government and the people spending money they didn't have,borrowing wildly. Now it's payback time, and the people don't like it.

  GANDALF <|:-)> 08:28 09 May 10

The Greeks are the laziest, most shiftless nation in the world. Their Government is totally corrupt with many high profile politicians holding many 'jobs' *ahem*. The people are equally ungrateful and lazy. Not paying tax is a national pastime and even if they do pay it appears to be completely voluntary from what I can see. Recently an *ahem* tax amnesty was declared where the shiftless lot could absolve the years that they fiddled tax for the sum of 2000 euros....unbelievable.

The country is a basket case with a huuuuuuge trade deficit which will NEVER be resolved and pouring money into this is like repainting a rusty car. Personally I would let the whole lot sink as we will NEVER get back our money - corruption, laziness and fiddling are endemic and will never be eradicated.

The madness is growing, just wait until Ireland, Spain and Portugal go kaboom.

G

  sunnystaines 08:59 09 May 10

bring back the greek generals

  morddwyd 09:00 09 May 10

"Return to a military dictatorship is a possibility"

Just what the EU is all about.

Would, could, they be expelled?

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