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UK will be forced to double its IMF payment to £20billion
06-28-2011, 01:00 PM,
UK will be forced to double its IMF payment to £20billion
Quote:Britain will be forced to pour extra billions into propping up the Greek economy 'by the back door' through a massively increased contribution to the International Monetary Fund, senior Tories warned yesterday.

Because of an agreement signed under Labour, the UK is about to double its IMF payment from just over £10billion a year to almost £20billion, a significant proportion of which will be used to service Greek debt.

So even though David Cameron last week managed to exempt Britain from contributing to the separate European Union bailout fund for Greece, any savings could be cancelled out by our IMF commitment.

Britain is expected to pay more than £1billion to Greece through the IMF - in addition to the £1.2billion we have already committed.

The increase in the UK's IMF contribution is higher than that of Germany, Switzerland, Canada or the Netherlands - although India and China are paying much more to reflect their growing share of the world economy.

Former Tory Cabinet minister John Redwood said yesterday: 'The UK government is about to ask Parliament's permission to subscribe for £9.2billion of new capital to the IMF.

'I expect we will be told we have to do this, there is no alternative, it's part of the price of our membership of this international club.

'What I would like us to do is to argue against the IMF making more money available for a second Greek bailout when the first does not work.

'I also think we could offer a lower additional subscription than the one currently proposed.'

The UK contribution is rising from £10.5billion a year to £19.7billion.

Mr Redwood pointed out that the 88 per cent increase in British contributions dwarfs the extra cash put in by oil-rich countries such as Kuwait, which is offering only a 40 per cent increase, and Saudi Arabia, which is paying 43 per cent extra. Germany's contribution has risen by 83 per cent.

Mr Redwood said: 'If the UK matched Belgium and Saudi our new subscription would be £4.3billion. In our financial position that would be a lot more comfortable.'

Fellow Tory Douglas Carswell said: 'Think of the tax cuts we could afford with that £9.2billion or the guarantees we could give to maintain public services.'

Greece is expected to get a second £100billion handout from the EU and the IMF later this week if it approves £28billion of deeply unpopular austerity measures.

Eurozone sources yesterday revealed that the EU is working on emergency contingency plans in the event that the Greek parliament votes down the measures tomorrow, which would almost certainly plunge Greece into default on its £304billion debt mountain.

In a statement to Parliament on last week's summit in Brussels, Mr Cameron said he had succeeded in keeping Britain out of a second bailout to Greece through 'real negotiating effort'.

But former Labour foreign secretary David Miliband said that a Greek default on its debts is 'inevitable'. If that does happen it would be likely to lead to future cash bailouts.

A government source rejected Mr Redwood's criticism, saying: 'The quotas are the result of a multi-year negotiation that has just concluded and would be impossible to reopen without leaving the IMF.'
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06-28-2011, 08:36 PM,
RE: UK will be forced to double its IMF payment to £20billion
Notice how none of these shit stains are even discussing why anybody should be paying into this 'international club'?

BTW the link no longer points to that article. It brings up one about Greeks rioting.
[Image: randquote.png]
06-28-2011, 10:18 PM,
RE: UK will be forced to double its IMF payment to £20billion
i , for one, cannot wait till Scotland gets independence!
and they say Scotland is a sudsidised country.... MY ACHING ASS!
it's hard to put up with this shit
however come 2014 and the independence referendum it'll all be sorted!
[Image: siolflag.gif]
06-28-2011, 11:10 PM,
RE: UK will be forced to double its IMF payment to £20billion
The Greek people don't want this and the rest of the European people don't want it either. If this goes through it will be a pretty blatant theft by the bankers and politicians.
06-29-2011, 04:37 AM,
RE: UK will be forced to double its IMF payment to £20billion
IMF = Bad News

The IMF on Corporate Governance and $75,681,430,091 in Interest + Charges since 1984

IMF blueprint for a global currency – yes really

IMF Says U.S. Financial System May Need $76 Billion in Capital

The Rio Negro Massacre by the IMF

Ireland forced to take EU and IMF bailout package

The IMF Is Coming for Your Social Security

IMF: Brussels needs more power over euro nations' budgets

IMF: Countries need to raise taxes to pay off trillions spent fighting global recession

Fighting Back:

Hungary's Defiance of IMF and European Authorities Scares the Guardians of Austerity

Argentina Will Not Bow To IMF

Venezuela Dumps World Bank & IMF

Iceland Declares Independence from International Banks

Iceland to Hold Referendum on International Debt Repayments
There are no others, there is only us.

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