May 10th, 2012

Greek Money-Go-Round

The Eurozone political class are desperate to keep the show on the road and admittedly they have managed to do so for longer than many, including Guido, expected. Nothing has so far stopped them in their determination; not economic logic, democratic votes nor civil unrest.

Today Eurozone governments are sending €4.2 billion to Greece to enable it to repay the European Central Bank €3.3 billion for bonds maturing a week on Friday. They are repaying themselves with their own coin.

The Greeks will never repay all the loans, they mostly voted for parties who explicitly reject the bailout deal because the voters realise it is not Greece that is being bailed out. The European banking system and the banks that lent money to Greece is being bailed out. The sooner Greece exits the euro the sooner the money-go-round ends and reality hits the Eurozone.


208 Comments

  1. 1
    Gordon Brown says:

    I’m first

    Like

    • 10
      Kebab time says:

      I wonders if they will pay on 18th or wherther they will keepers the money or sum of it.

      Like

      • 16
        • 20
          Nom Dom Nom says:

          Has he been injured getting into a NorthFace holdall?

          Like

          • Having watched the Michael Portillo present This World’s Great Euro Crisis on BBC Two last night, it is clear Greek voters want to keep the Euro and it’s low interest rates, as will France, Portugal, Spain, Ireland, Italy, Czech, Slovakia, Estonia, Cyprus, Malta, Slovenia, Montenegro, Kosovo, Andorra, San Marino and the Vatican.

            Therefore, it seems more likely that Germany will have to withdraw from the Euro as being unwilling to fund profligate countries that are unwilling or unable to adopt Merkel’s austerity terms.

            Like

          • Ivor Tapeworm says:

            Will they be keeping the Sudetenland and Poland?

            Like

          • El Sid says:

            Talking of the Portillo thing Guido (people seem strangely quiet on the subject of BBC left-wing pro-Europe bias today) – could you stop using the Parthenon as some kind of symbol of Greek democracy and embrace the modern version?

            Namely Eva Kaili, who appeared about 5 minutes from the end of Portillo’s propaganda piece – the Greek equivalent of Gloria del Piero, but with sex appeal. Gets my vote anyway.

            Like

        • 62
          Rage Against the Political Elite says:

          The Merry go Round of the European Financial Ponzi Scheme. Well done heading into the future abyss.

          Lets build a few more windmills and maybe another War or 2 that should finish the capitalist economy off.

          Like

          • yeah, right.... says:

            Deutschland über alles.

            Like

          • Sad Tory says:

            Thank god we’re not in the Euro. And Dave and Osborne still can’t achieve growth in the economy.

            Please, no replies that it’s the fault of the crisis the world is going through. There was a bigger crisis when liebor was in and at least the otherwise useless Brown managed to avert another depression of 1929 standards.

            Dave wouldn’t have that crisis used as an excuse for liebor so why should we let him use a similar excuse.

            I’m a Tory by the way. If we make excuses for that useless twat we hammer more nails in our electoral coffin.

            We need a new PM and a new strategy, sorry scratch that, we need a strategy.

            Like

      • 18
        Gordons Out of Asylum Autoreply says:

        Sorry I cannot reply to your question as I am currently telling sandy hot nations how to spend their way out of a boom.

        Sent from my suite in the Burj al arab

        Like

        • 64
          Plato says:

          I had a pauper pal at Uni.
          I always lent him a a few quid to buy drinks.
          I got it all back when his grant came through. ((making him a pauper again)

          He never twigged that I never bought drinks!

          Once I learned that lesson, I never looked back.

          Like

    • 116
      Sir William Waad says:

      …..and of course the Eurozone governments will borrow the 4.2 billion from the ECB. Oozlum Bird economics.

      Like

    • 154
      • 193
        Handycock Capo di Capo Portsmouth says:

        The secret is to bring organised crime fully in to the public sector, like I have done in Portsmouth. Once this is achieved, there will be no riots, as my ‘boys’ will not allow it, and they, me and a few council officers will continue to make lots of money. Boaz.

        Like

  2. 2
    Nom Dom Nom says:

    €4.2 billion via Western Union, Lagos branch

    Like

    • 21
      Nom Dom Nom says:

      … and I shall be making other amusing comments below – enjoy

      Like

      • 31
        Nom Dom Nom says:

        Oi moniker thief. I have obviously upset some trotsky minded bedwetter to frightened to post with there own moniker

        Result

        Like

      • 192
        419 Man says:

        Dear Sir Excellency,

        I have a third cousin three times removed who was once the legitimate Governor of Kano Regional Bank ….

        ( You can guess the rest– just wire me the one percent of 4,000 million naira transaction fee and then expect never to hear from me again ! ).

        Like

  3. 3
    Liarpoliticians says:

    A carousel fraud, and excellent way of cleaning the EU’s dirty money through the financial system.

    Like

    • 5
      Nom Dom Nom says:

      Yep with the banks picking up a big fat xfer commission no doubt

      Like

    • 89
      Anonymous says:

      “It takes two to tango.”, as my noncing northerner friend said so eloquently on BBC news last night.

      Like

      • 100
        roy says:

        and it takes a Labour government, a PC police force and the media to collude in the mass rape of British children.

        Thanks New Labour!! These latest crimes wouldn’t even have been investigated until we had a change of government

        Like

        • 168
          Funambulist says:

          The callous reluctance to prosecute M***** R*** G**** under Labour’s PC regime screams for a public enquiry and prosecution of those who turned a glass eye. The even more horrible Charlene Downes case which Plod fumbled also needs re-opening.

          To be cynical, a thorough investigation would be a guaranteed vote winner for the coalition. Nothing gets the British public riled up like police and politicians doing FA while children are being abus*d and even (Charlene) murdered. With several more of these cases awaiting trial, this is just the tip of the iceberg,

          Like

        • 188
          old git says:

          Nick Griffin pointed out that Asian gangs were grooming young white girls for sex 5 years ago but everyone said it was a typical Griffin racist slur.
          The authorities are shit scared of upsetting the Muslims

          Like

      • 145
        Witness A says:

        Thank you Labour for rubbing my nose in diversity.

        Like

        • 161
          rick says:

          Can’t blame political parties for this national display of cowardice. The English are so afraid of the ‘R’ word they would sell their first-borne into slavery rather than vote for a party that might make a difference.

          Like

          • Anonymous says:

            Newcomer to this blog; what the h*ll is the “R” word. Same applies to the
            “M” & “G” words.

            Like

          • Uncle Joe says:

            Saw this earlier

            They pray 5x a day . That’s OK, it’s their custom.
            They don’t drink alcohol . That’s OK, it’s their custom.
            They don’t eat certain foods . That’s OK, it’s their custom.
            They chop the hands off thieves . That’s OK, it’s their custom?
            They strangle teenage girls in public. That’s OK, it’s their custom??
            They run gangs pa’edos in our cities. That’s OK, it’s their custom. is it ?

            Like

          • Marion the cat says:

            Don’t be so sure about the alcohol.

            Like

      • 162
        yeah, right.... says:

        Yes, pretty odious comments. Yet the BBC gave him air as he condoned rape and tried to suggest that these girls were complicit in the treatment they received.

        The BBC execs are gonna love Salford.

        Like

  4. 4
    Poncho says:

    Sell a long lease on the Acropolis to Disney – that should getr rid of a little of the debt.

    Like

  5. 6
    Mervyn the banker says:

    Oh come on, it’s only money, we can soon print some more.

    Like

  6. 7
    smoggie says:

    Sounds a bit like the Labour government lending money to the unions so that they could give it to the Labour Party.

    Like

  7. 11
    Andrew Efiong says:

    It’s high time we put politicians involved in the creation of the Euro on trial for fraud and incompetence.

    A shame some of them are dead but those alive must be made to pay for gambling the wealth and prosperity of millions on a mad idea of a single currency.

    Like

    • 22
      Hugh Janus says:

      +1m. Furthermore, anyone in office who still thinks that the Euro is a good idea should be hounded out pronto.

      Like

    • 121
      screw the lot of them says:

      +1 billion

      Like

    • 175
      Sue, Grabbit and Runne says:

      Dig up the dead ones, and give them a fair trial.
      Then hang them.

      Like

      • 186
        Wobbly legs says:

        Dig them up, reconstitute them with water if turned to ash, tax them, charge them for wear on spades, conduct a risk assessment, say last rites backwards, conduct rendition to Salford, waterboard them, then a signed confession obtained implicating Jack Straw. Then give them a fair trial. And finally hang them with a hempen rope (wear on rope £1.25 + vat)

        Like

  8. 14

    The longer they delay, the worse the crash will be.

    Like

  9. 15
    I don't need no doctor says:

    Greece my palm.

    Like

  10. 17

    The longer they delay, the worse the crash will be.
    Did anyone else see Michael Portillo last night on the BBC?

    Like

  11. 24
    The Provinces says:

    We can always flog the Elgin Marbles if they default.

    Like

  12. 25
    Call me Dave says:

    Welcome to my new world where right is left

    Like

    • 32
      Nom Dom Nom says:

      and left is wrong

      Like

    • 50
      Mornington Crescent says:

      Read Carswell’s blog that Guido has linked to. 1 Quango abolished; 6 new ones created. FFS.

      Like

      • 57
        Eric Pickles says:

        Noise of walking to laptop…..

        Puff I pant would puff call pant that puff efficiency

        Like

      • 63
        Hugh Janus says:

        The ‘bonfire of the quangos’ was yet another empty headline from One-Term-Dave. He’s really very good at those, but shite at everything else. He’s just a politician, of course….

        Like

        • 68
          Hugh Janus says:

          In response to Mornington Crescent’s post at 46. Doesn’t anything work properly in this wretched country any more??

          Like

          • Mornington Crescent says:

            If you’re a quango-crat, things are working even better than before.

            Honestly, I’m coming round to the view that we should just let Labour back in. Fuck it, go for absolute broke in style – Cuba-style. Let all the Eastern Europe’ans in, let the Turks in, set all jobs at minimum wage (as if they aren’t already), stuff the country with useless quangocrats, tax businesses to oblivion, hand any control that’s left over to Van Rumpy and leave a token PM position to be filled by that nasty, spiteful four-by-toooo and Dennis Skinner.

            Why not?

            Like

          • I Remember You Hoo says:

            You think things are bad now with the Quisling class in power? Just wait for direct dictatorship from Brussels. You won’t even recognise your neighbours, let alone this country.

            Like

          • The Last Quango in Paris says:

            ha ha ha ha ha that has cracked me up – yes let’s go for broke – let the Ed’s in and then sit back and watch them do their worst.

            Like

          • A tip says:

            Post numbers change through the day, so use the time stamp so we know who you are talking about.

            Like

      • 66
        David Camoron & Ed Balls says:

        We will reduce Britain’s de*bt by borrowing more and spending more, and then p!ssing it all away on foreign aid, quangos, Euro bailouts, HS2 railway lines.. shit like that.

        Sit back and enjoy.

        Like

      • 96
        Mine d'Boggles says:

        Yes, but, but, I mean …. one needs so much fuel to get a good blaze going.

        Like

      • 108
        I Remember You Hoo says:

        Look forward comrade. The post democratic era needs citizens to accept government by unelected and unremovable technocrats. It is the only thing that can save us all from disaster, poverty, droughts and eternal wars.

        Like

        • 144
          Rhonddablue says:

          Funny thing, on Portillo’s programme yesterday, Greek politicians and what I suppose were EU ‘functionaries’ were actually saying that openly. Apparently, democracy is really not all that big a deal over there.

          Like

      • 146
        within the fold says:

        no…. Carswell’s busted flush

        Like

  13. 29
    tottenham chutzpah says:

    remember that pony I lent you last saturday?

    Like

    • 111
      edmartin says:

      I think its an old banking con – the losses would make things ‘look’ bad if booked in the ECB – they can be fudged in the national debt stats of the EC countries.

      its been done before with busted banks in the UK – losses were shipped ‘upstairs’ to a parent institution – the remains of the busted bank got spit and polish, then the carcase flogged off as a healthy going concern. Net financial effect – nowt – it all depends on the audience – in this case the electorate

      Like

    • 170
  14. 33
    genghiz the kahn says:

    Even if the Greeks are bailed out, what is stopping the whole charade from being repeated in 5 years time.

    Like

  15. 35
    Steve Miliband says:

    I read they are lighting the Olympic flame at Olympia today. Might get myself down there later – is the tube station on the Victoria line?

    Like

    • 44
      Nom Dom Nom says:

      too funny

      Like

    • 47
      Hugh Janus says:

      Try Barking.

      Like

    • 48
      Lord Sebastian says:

      You’ll never get a ticket mate.

      Like

    • 132
      Transport Map says:

      Don’t know if it still exists, but Olympia used to be on the Metropolitan Line. Somewhere near Earls Court.

      Like

      • 184
        Living in 98 percent white Merseyside says:

        District Line.

        Like

        • 195
          Airey Belvoir says:

          Historian chappie on R4 today explaining that the whole torch nonsense has nothing to do with the original Greek games, was invented by a Nazi PR guy for the 1936 Olympics, to promote the Aryan racial ideal. So really it would be quite appropriate for the NF to escort the damn thing around the country. The historian also pointed out that the Royal Mint has made a schoolboy howler by producing commemorative coins with Roman, not Greek, gods on them. Dear oh dear oh dear, as the late Tony Hancock would have said.

          Like

  16. 37
    Drop a Daisy cutter on the BBC says:

    But as Portaloo pointed out on his programme last night theGreeks don’t get it, they like the Euro even though it’fucking their country. The krauts like it as it keeps the Euro cheap making it easy to flog their shite cars.

    Rather like a drug dealer and user, they need each other.

    Like

    • 45
      Nom Dom Nom says:

      exactamundo

      Like

    • 69
      sockpuppet #4 says:

      Without the Euro their politicians would still do stupid things, and they would have massive devaluations. They’d still be in the shit.

      Like

      • 83
        I Remember You Hoo says:

        Weren’t the massive devaluations the things that made Greece a very popular and che@p tourist destination?

        Like

        • 99
          sockpuppet #4 says:

          I’m sure they’d be really happy to go back to that level of poverty for our benefit.

          Like

          • I Remember You Hoo says:

            They are he@ding there right now with or without the EUro and nothing can stop it.

            Like

          • Ivor Tapeworm says:

            They don’t have any option but poverty now anyway.

            Like

          • sockpuppet #4 says:

            They’ll all be Drachma millionaires soon.

            Like

          • W.W. says:

            Well they are going back to that level of poverty anyway.

            The very least they could do is let us get cheapo holidays.

            With the billions we have thrown at them, we have already paid over the odds, whether we go or not.

            W.W.

            Like

    • 118
      Rhonddablue says:

      Didn’t look like either side will be considering ditching the Euro any time soon. The Greeks don’t want to take responsibility for their own affairs and the Jormans want the giant market to flog their Vorsprung durch Technik. Portillo had the air of a beaten dog by the end. Funny though, couldn’t help but get the feeling that all these Good Europeans despise each other along national lines as much as they ever did.

      Like

      • 133
        I Remember You Hoo says:

        The Greeks want to stay in the EUro because it gives them the gravitas of being among the “big boys”. The Chermans want the PIIGS in the EUro to keep the value of the currency artificially low and not harm their exports. Trouble is, that way forward only le@ds to eternal suffering for all, for as long as the union exists. The Greeks have signalled enough is enough, the other PIIGS will follow.

        Like

        • 203
          Marion the cat says:

          But, does Androcles realise he must remain poverty stricken so Fritz can be uber-rich. Here comes the 4th Reich Meine Freunde.

          Like

    • 129
      Pericles says:

      It couldn’t have happened in my day. I favoured a sound economy, based on democracy, trade, slavery and the fortuitous discovery of silver deposits near Athens.

      Like

  17. 41
    Hang The Bastards says:

    How can anyone defend this whole EU experiment.

    It is an unmitigated disaster. Life was far better when we were all separate and this political class with it’s sole purpose of sponging off us didnt exist.

    The sooner the whole thing collapses the better.

    Like

    • 73
      sockpuppet #4 says:

      “Life was far better” ?
      Nah, there was no TV on Sunday mornings.

      Like

    • 95
      I Remember You Hoo says:

      Sorry, I was too young to remember the pre-EU time. I was just a kid and out playing with my mates in those days.
      It wasn’t until much later when people explained to me, it was not just a fluffy trading partnership but the begining of an entirely new country, where mine was to be abolished and emasculated into a toothless province, that I took an interest and from what I saw, turned against it.

      Like

  18. 43
    Hugh Janus says:

    Sorry this is O/T, but did anyone else hear McNaughtie ‘interviewing’ a Unite person this morning (also treasurer of the Liebour Party as well I believe?) about the imminent one-day strike? Eventually he put to her the fundamental point that pensions in the public sector are still a great deal better than the equivalent in the private sector. However, she completely failed to address this point, and no attempt was made to get her to do so. You can imagine the reaction had a Conservative minister dodged a question so blatantly….

    James Windbag-McLefty, the strikers’ friend.

    Like

    • 55
      The BBC says:

      Thank you for you reply to our advertisment for a new Director General.
      As we have pointed out before you must belong to the Labour Party and be a signed up memeber of the Unite Union.

      We feel that keeps the balance and levels of impartiality about right.

      Like

    • 58
      SCRAP ALL PUBLIC SECTOR PENSIONS says:

      There are press photos doing the rounds today of picketers holding “FAIR PENSIONS FOR ALL” banners.

      I don’t remember the thick socialist scum whining like little pussies when Snotty McMental decided to raid private sector pensions.

      Like

    • 61
      Steve Miliband says:

      I don’t know Brian Paddick survives on his £64k pa pension and lump sum after retiring aged 49. Public sector workers are screwed over by the evil tories

      Like

    • 74
      Raving Loon says:

      I just can’t sympathis with public sector workers moaning about how bad their defined benefit plans are. Try being self employed for a while, and only being able to put into your own personal pension what you earn from your own business, not that I’m bitter or anything.

      Like

    • 80
      Mornington Crescent says:

      I did Hugh.

      Worse, did you hear that twink Davis bang on about today being the anniversary of Blair quitting Number 10? TWICE he mentioned it, FFS – once because, in his breathless haste to celebrate this great event, he got the dates wrong.

      You could picture that little prick (Davis, that is) with his trousers round his ankles, tossing himself off.

      Like

      • 148
        Hugh Janus says:

        Yes, unfortunately I did. Mr Lefty Giggling-Davis is fast becoming unlistenable, so his place on Toady is assured.

        Like

  19. 60
    Drop a Daisy cutter on the BBC says:

    We had to bail out our own banks, but the krauts are basically using the ECB to funnel money through Greece back to German banks to bail them out for the loans THEY made to the Greeks. how come the krauts dont’t bail out their ownbanks for lending to the Greeks.

    Like

    • 89
      Dubya says:

      Because it is easier for the Germans to just revolve the money inside Germany, while laying the debt onto the Greeks.

      I’m trying to start a business like that myself.

      Like

  20. 65
    Andy Coulson - Call me Dave's toxic m8 says:

    I’ve got a squeaky bottom, so has my mate Dave.

    Like

  21. 70
    Must get a pseudonym one day says:

    And most of it actually goes to pay Germany for the grossly overpriced submarines and France for the warplanes, all of which Greece obviously needs more than doctors, teachers, policemen etc.

    Like

  22. 72
    amongymous says:

    This is the first time I have ever understood high finance. Essentially, it’s like the episode of Bagpuss where the mice invent a chocloate biscuit making machine which wows Bagpuss, Jemima, Gabriel and even brainy specoid woodpecker Professor Yaffle.

    The rascally rodents have, however, fooled the soft saggy cat-puss and his chums. It’s just one biscuit being endlessly recycled.

    Like

    • 88
      Sir Aston Martin says:

      Reams of analysis have been written about the hermeneutics of Bagpuss scripts. All very profound and insightful, and an excellent way of blagging grants from the ever-gullible providers of same.

      Like

    • 112
      Professor Yaffle says:

      “You can’t make chocolate biscuits out of breadcrumbs and butterbeans!”

      Like

  23. 79

    Portillo didn’t find many people in Europe who don’t want to ensure the Euro is for life, not just for this Christmas.

    95% of everyone he asked, at any level, in any nation, said the Euro had made them all richer. And that was anti-EU man Portillo, not some liberal wonk, searching for some anti-europe/a/n to back up his assertion that the Euro is shit.

    It does seem only us in the UK don’t think much of it.

    Like

    • 92
      Sir Aston Martin says:

      Is that really you, Bill? Normally you are not in the least bit credulous.

      Like

    • 103
      I Remember You Hoo says:

      Portaloo is anti-EU in the same way as iDave is. In other words, not at all.

      Like

    • 131
      Sir William Waad says:

      Well, of course, one way to mitigate a hangover is to keep drinking.

      Like

    • 177
      Baron Hogwash says:

      The Greeks want the dosh, in particular the euro but don’t want European Bank, austerity, taxes, Germans telling them what to do – its not much they are asking for really.

      Like

  24. 93
    Anonymous says:

    The Eurozone have finally made perpetual motion a reality!

    Like

  25. 97
    Anonymous says:

    Guido, you sholud know by now that Marxist idealogues test their ideas to every body else’s distruction.

    Like

  26. 102
    The Last Quango in Paris says:

    The Conservatives have got to get a handle on this immediately or else UKIP will trounce them in the elections and if Miliband offers a referendum they will be toast. My parents and all their friends are all lifelong Conservatives but all of them will be voting UKIP and have not renewed their Conseravative party membership. Trouble is that to so many people it looks as if the PM offered a referendum and then withdrew it (the whole EU mess is v complicated). IF the tories want any hope of re-election they need to announce a referendum now and if the LD’s are holding them back on this (wonder which of them are aiming for a top job out there) then on their own head be it.

    People are actually now dying because this is such a mess.

    Like

    • 130
      Steve Miliband says:

      James Forsyth ‏ @JGForsyth
      Why an EU referendum pledge in the next Tory manifesto is ‘basically, a certainty’

      Like

      • 153
        Ivor Tapeworm says:

        To fucking late, David.

        Within the next year. Otherwise you, and your party, are history, Labour will get back in with the LibDem’s tongues up their fat arses, and the country will, as a result, be so utterly spavined that there will be no economy left capable of paying your undeserved pension, or that of any public sector worker.

        Like

    • 180
      Sue, Grabbit and Runne says:

      No party, but especially the Consies, can “promise” a referendum for sometime in the future, and probably after another election. They got caught in that lie once and we won’t be fooled again.

      Like

  27. 105
    Seth the pig farmer says:

    Made even more amusing by the fact that a significant chunk of the debt was incurred buying military hardware from Germany.

    Like

  28. 106
    Ed Milliband says:

    First

    Like

  29. 107
    Ceative Accounting says:

    Greek accounting method

    A German tourist goes into a small hotel in a village in Greece and gives the owner 100 euros as a deposit on a room on condition it is refunded if after an inspection he finds it unsuitable.
    The hotel owner then pays the local butcher the 100 euros he owes him, the butcher then pays 100 euros to the local farmer who then pays the farm labourer’s wages, the labourer then pays the hotel owner the 100 euros to settle his bar bill.
    The German tourist not happy about the condition of the room gets his 100euros back.
    Everybody is happy!!

    Like

  30. 117
    Sick of the lot of them says:

    They, the euro-elites, are *NOT* doing nothing! Guido, your article clearly spells out what is going on but you fail to make the obvious conclusion.
    What is happening is that bthe Greeks are being used as a sacrificial fig-leaf of an excuse for the French to re-capitalise their bankrupt banking system at the expense of the european taxpayer.
    Each so-called “bailout” that goes to Greece is actually immediately used by the Greeks to recycle their debt therefore:
    * Before the “bailout” money goes in, when the Greeks default, the French banks are out of pocket. Which they cannot afford.
    * After the “bailout” money has gone in, when the Greeks default, the guarantor of the “bailout” money has to cough up (us, amongst others).
    So the whole point of this charade is to transfer liability onto the taxpayer, who can be made to pay up. For this to carry on and for the “bailout” monies to continue to flow into France, the charade has to be maintained that the Greeks will somehow actually pay it all back. That is why they are being racked, for as long as possible, with savage austerity measures. And the more severe the racking the better, it provides substance to the view that they are really swallowing their medicine.
    Osborne is mad to pledge any British taxpayers money to the ECB or the IMF for the purpose of “bailouts” for Greece.

    Like

    • 150
      Sick of the lot of them says:

      And another thing: In the meantime holder of Greek debt are enjoying some very yummy interest rates, around 30% I believe. Just imagine how much money one could make, if one had some idea of how long the whole charade was going to be maintained for, with enough warning of its end for one to be able to safely offload your debt into one of the last few “bailouts”? I mean, what is 30% of E200 bn?

      Like

      • 160
        Ivor Tapeworm says:

        Nooo, that would be a sort of ‘Insider Trading’. Banks would never sink so low, would they?

        Like

        • 181
          Sick of the lot of them says:

          We’re not talking about banks, we’re talking about Euro-ruling-elites and Christine Lagarde tipping the wink to selected recipients. And them then taking advantage of it.
          However, as you say, the wholly unaccountable appratchniks who run the EU are renowned for their honesty, integrity, the quality of their accounting practices, the transparency of their expenses system. They wouldnt dream of doing such a thing. They are as honest as the day is long. Heaven forfend the thought. Four legs good, two legs bad!

          Like

  31. 127
    SIR EVERARD PENIS QC says:

    Anybody else watching all this bollocks of the lighting of the Olympic torch in Greece ?
    Apart from Seb Coe getting yet another free holiday There are about 20 women all with excellent racks i should point out , Parading a candle in a stone pot and some kid waving a twig
    The crowd must be at least a dozen people now some daft twat has to carry this candle for thousands of miles across Europe and than all the way around this country causing major road disruptions and costing probably millions of quids
    What an unnecessary and utter waste of time and money the whole fucking charade is !

    Like

    • 149
      say what you see says:

      Bunch of tossers the lot of them. Love the sweaty c’unt in a dark suit trying to keep up.

      Like

      • 164
        Ivor Tapeworm says:

        What is the carbon footprint of this candle and it’s conveyance? I think the press should obsess fretfully about it, and a few windmills planted to offset the carbon.

        Like

    • 155
      Bell Book and Global Warmist says:

      You forgot the bit about this eternal flame and global warming. Do try to do better next time.

      Like

    • 158
      English, not British says:

      A good way for all English patriots to show their hatred of the quisling political class is to boycott anything to do with their crappy vanity games.

      Let the London 2012 games go down as the biggest humiliation for the British establishment.

      Like

    • 196
      Airey Belvoir says:

      It’s odd to spend so much time, effort and money to keep alive a 1936 Nazi PR invention, which the whole flame nonsense actually is.

      Like

  32. 128
    The fuckingn hell it will says:

    Surely putting VAT up 2.5% to 20% will solve all of our domestic problems?

    Like

    • 156
      I Remember You Hoo says:

      Raising taxes and hiking energy and fuel costs, is a sure fire way out of recession.

      Just ask socialist Gideon for advice on this. His recipe is a blinding success and shows those doubters as just plain foolish.

      Like

  33. 136
    I don't need no doctor says:

    Guido, could you provide a list of the actual pension amounts the public service sector workers will get when they retire. Police, teachers et al. Budget figures would suffice. I am sure us in the private sector would find it very interesting.
    Oh and has Livingstone provided his full financial accounts yet? Oh and has Miliband declared who was at the Rudd event yet?

    Like

    • 157
      Since you ask says:

      Depends on length of service and pay point at time of retirement. The vast majority of pensions are less than 10k a year.

      Like

      • 166
        Engineer says:

        For a given length of employment and salary at termination of employment, public sector pensions are invariably better. They are usually index-linked, which private sector pensions rarely are. Most public sector pensions are related to final salary (or more recently, average salary over a period of time); most private sector pensions are money purchase schemes, subject to market conditions at time of calculating annuity. There are now very few final salary (or average salary) private pension schemes.

        Like

  34. 139
    Francois Hollande says:

    Quoi pour faire maintenant? Tout ce complique! Quoi dira Mme Merkel?

    Like

  35. 151
  36. 167
    Labour front says:

    The problem with the political class is that they have no idea how hard it is to make a few quid from manufacturing

    Gordon Brown should be put to work labouring on a midlands building site

    Like

  37. 173
    Sue, Grabbit and Runne says:

    “The sooner Greece exits the euro the sooner the money-go-round ends and reality hits the Eurozone”

    …and sometime AFTER they receive the 4.4bn but BEFORE they have to repay 3.3bn would be a great time to do it. Let the European Central Bank take 1 cent on the Euro, like everyone else.

    Like

  38. 176
    Owain Glyndwr says:

    poud to a penny the IMF will be back with the begging bowl withn eight weeks

    Like

  39. 178
    Hannibal from Carthage says:

    If the EU succeeds it will have a bigger population base and greater economic clout than America.

    That is why the Yanks want it to fail.

    Like

    • 207
      Haribo Halfwit says:

      So a hundred shepherds on an Anatolian hillside equate to a hundred hedgies in London, or a hundred production line workers at Dassault or BMW?

      No – treating it like a numbers game shows how superficial the thought processes of the people who promote this line actually are. And we are good customers of American goods, so it cannot profit them if Euroland falls into recession – keeping the status of the dollar as the world’s currency of preference is (legitimately) their main concern.

      Like

  40. 205
    Gaston Glock says:

    A creditor lending money to a debtor to repay a debt to the same creditor is the most perfect example of a Ponzi Scheme that is possible to imagine.

    But to have the brass balls to implement it is A True Exemplar.

    Well done Brussels! Bravo!

    Like

  41. 206
    Gaston Glock says:

    1932 was a watershed year in European politics.

    So will 2012.

    Eighty years – almost to the day.

    Like

  42. 208
    mod test ignore says:

    in the unlikely event that anything on the cards
    turns out to be right should you assume any
    prior leak from a core participant, and anyone
    using these cards as a drinking game has only
    themselves to blame for any pre-lunch
    hangover that occurs.

    Like


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VOTER-RECALL
Find out more about PLMR


Austrian Chancellor Werner Faymann on Cameron’s refusal to pay the £1.7 billion EU bill by December 1st:

“Well, then he’s gonna pay on December 2nd”



Mycroft says:

Have you read the last bit of Animal Farm?

You know where the animals are looking through the Farmhouse window?

My TV screen was that window at lunch-time today.

Be careful, the sudden self-congratulatory tone, the slightly pudgy outline of indulgence and you become exactly what you should despise.

The jolly face of the Quisling Cameron poses for your camera has mesmerised and deceived you, you who were once not so deceived.

You were no firebrand, you were a damp squib in my opinion, sorry.

You need a damned good kick up the ahse!


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