The Blog of
Nadine Dorries
The Eurozone, Britain and the elephant in the room
Posted Friday, 28 October 2011 at 13:50

I wonder if anyone trying to fathom the detail of the deal struck by the Eurozone countries and the impact it will have on ours is having as much trouble as I am this morning. Someone once asked me when I became overcome with tasks, ‘how do you eat an elephant?’ to which their answer was, ‘one slice at a time’.

I love elephants and am not terribly fond of that analogy, however, it is one I have applied this morning and the only conclusion I can arrive at is as follows;

Greece has an enormous debt which the Eurozone has reduced to a ‘mere’ 120% of their GDP. What good is that if they are still unable to pay it? The suspicion now is that in three months time the Eurozone leaders will be asking ‘what, you still can’t pay despite the write-off we gave you?’

Isn’t this going to happen with Greece? And doesn’t everyone know that, which is why this is what George Osborne said yesterday “Supporting countries that cannot support themselves is what the IMF exists to do, and there may well be a case for further increasing the resources of the IMF to keep pace with the size of the global economy.”

On the radio yesterday I heard a snippet of a financial commenter who said that France and Germany are already up to their necks (not quite but that’s what he meant), are concerned about the future of their Triple-A ratings and that the UK would therefore have to pay the bigger portion into the IMF than any other European country.

However, when George said that ‘We would not be prepared to see the IMF resources reserved for use only by the Eurozone’ he cannot guarantee that British pounds will not go to Greece or other Southern European basket cases. In three months time when the bailiffs knock on Greece’s door the IMF will come to the rescue carrying British pounds paid by British tax payers.

Does George Osborne think we won’t notice? I can guarantee that at least 81 of us will.

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Nadine Dorries MP
House of Commons
London SW1A 0AA
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