The big meeting is on Thursday. No doubt Darling and Brown will dig in and try to resist the pressure to be included in the bail-out, but things being what they are, it is likely they will have to find a face-saving formula after being forced into being part of the bail-out. Good money will start pouring after bad. (Sweden is siding with Britain in suggesting the IMF bails out Greece, but that is as good as admitting the EU is no longer master in its own house).

The EU Commission has activated Article 121 of the Lisbon Treaty on February 3rd 2010 to take control of Greece's fiscal decision-taking, as explained by Nigel Farage. A harsh economic regime in Greece will be the result. Farage talks of violence.

On Thursday, they will no doubt also activate Article 122, which allows the EU to 'encourage' all its members, including Britain, to come up with funds to bail out Euro members in difficulty. At the very least Britain is going to be pressured to act as guarantor to Greek debts (and maybe others).

(Article 121, however, does not have a basis for activation by qualified majority voting, but is only activatable in a 'spirit of agreement' between the EU's members. Britain and Sweden are currently opposing an Article 122 rescue package, but will they be arm-twisted?)

The levers of power handed over in the Lisbon Treaty just two years ago, are being used and activated in urgency. The resulting political fall-out against the EU in Britain is to-be-imagined!!! The FT writes - So long as the European Central Bank tolerates weak demand in the eurozone as a whole and core countries, above all Germany, continue to run vast trade surpluses, it will be nigh on impossible for weaker members to escape from their insolvency traps.

Why should Britain pay for a problem created in Greece and in German control of the ECB and the Eurozone?
Full article available... HERE

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