Britain holds huge debts of Spain.
The newspapers are demented when they talk about
"what will greece's crisis cost the UK" and "how can
England stay out of "Europe's" fionancial woes".
England is even more bankrupt than Greece. What will they ask
Europe when the POUND comes under attack from speculators?
And with England's anti-european hate campaign, do they deserve help?
England is paying only A THIRD of its dues to Europe (a Thatcher deal)
Can the Pound survive without the ECB?
No! The ECB will have to fight off the speculators buy purchasing
UK Bonds and driving their price down, just like the ECB did with Greece.
The Tobin Tax will have to come. Speculators need to be taxed,
financial transactions need to be registered and controlled.
In Germany the CONSERVATIVE PARTY has accepted the need and see the
Tobintax as a solution.
In Berlin, the government coalition of Merkel's conservatives and Westerwelle's business-friendly Free Democratic Party (FDP) are currently making overtures to the opposition party the center-left Social Democrats on the divisive issue of a financial transaction tax in the hope of ensuring the broadest possible support for the euro rescue package in the German parliament, the Bundestag. In Merkel's own party, the Christian Democratic Union (CDU), support appears to be growing for a Tobin-style tax on financial market transactions, which has long been the issue of global debate. "All agree that we need a fee for the banks and a new tax," Merkel's chief of staff, Ronald Pofalla of the CDU, told the Westdeutsche Allgemeine Zeitung newspaper. He said the dispute over a financial market tax had been exaggerated.
Wolfgang Bosbach of the Christian Social Union, the Bavarian sister party to Merkel's CDU, who is also the head of the parties' joint group in parliament, even openly pleaded in an interview with Cologne's Kölner Stadt-Anzeiger newspaper for an international financial transaction tax.
The German government was one of the initial supporters of a global financial transaction tax. But after the Obama administration opted for a plan to tax banks, the government coalition in Berlin switched to supporting that approach. Berlin has also expressed approval for a proposal by the International Monetary Fund to tax banks' profits and executive bonuses as well. Many politicians have called for the businesses that caused the current economic crisis to contribute to the expensive bailout.
SPIEGEL ONLINE article.