Bailout for bankers
The “bailout” to Greece totals 282 billion euros so far. Out of that 160 billion euros will go to the country itself. The rest will go to banks and other bondholders.
The EU has told Greece to cut its budget by 20 per cent of GDP by the end of the year. No country has ever had to make such cuts outside of a period of war. Domestic demand will fall as unemployment rises and lending remains frozen, while Greek exports will be held back by the overvalued euro.
Greece will have to cut a further 5.5 per cent of GDP in 2013 and 2014 to meet EU targets according to a leaked report by the EU/IMF/ECB troika. It warns, “The recovery previously announced for next year will be further delayed with, at best, a stagnation of activity in 2013.”
Germany’s potential cost in the eurozone bailouts is 72.9 billion euros, equal to Germany’s defence, transport and healthcare spending combined.
Landing a fortune
Some of Britain’s wealthiest landowners get millions in subsidies from the EU’s Common Agricultural Policy. Payments are linked to the amount of agricultural land a person owns; the largest landowners get the most. In 2010, across Britain, 709 raked in more than £250,000, 133 more than £500,000 and 47 more than £1 million.
A new IPR Marketing poll asked Italians about their new EU-imposed government. A hypothetical “party of technocrats”, including Italian Prime Minister Mario Monti and some members of his cabinet, would get just 22 per cent of votes if it were to stand in the next general election. That is EU-style democracy for you.
We want a referendum
A recent YouGov-Cambridge poll on public attitudes to the EU found that 60 per cent of us want a referendum to decide on Britain’s relationship with the EU. The same number want a looser relationship or to leave altogether. 14 per cent want more integration, and 13 per cent want to keep things as they are. ■