It’s another of those special Cameron victories in Europe: we’re in for a
second Greek bailout, but not quite as much as we might have been. Britain will contribute a sum through the IMF; however, it will not be
contributing to EU funds. Cameron has succeeded in ensuring that the European bailout will be conducted under the permanent European Financial Stability Facility (EFSF), to which only eurozone
members are signatories. Although it should be noted that some Brussels experts doubt that the
European Financial Stabilisation Mechanism (to which Britain has subscribed) could have been used in this instance, which further devalues the government’s victory.
Anyway, attention now turns to Greece and whether it will default. The FT reports that the Holy Trinity of the IMF, the EU and the European Central Bank will impose further cuts of 5.5bn
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in