UK could give £40bn to the IMF

[scooterscot]

Meanwhile in the "burning building"

Shall need to have words with my account about how that'll impact me. Bonus.

[TimberWolf]

I think the UK has been doing this for a couple of years too (but classifies them as tax collection errors).

[Mich the Tester]

Meanwhile in the "burning building"

Yep, that's a great story to get the Daily Wailers into a frenzy even though the week's barely started. Some hilarious comments, many referring to WW2.

[BlasterBates]

Meanwhile in the "burning building"

[Mich the Tester]

Is it a loan, a guarantee, or a guarantee with a fee in return?

[Arturo Bassick]

Bit of a twisted story though isn't it?
This is about being a member of the IMF.
The burning building is about being a member of the Eurozone.
Trying to merge the 2 stories is a tad cynical.

The IMF is a global body that nations go to when they have currency issues. It's members are also global and virtually every other nation with its own currency will be propping up the Euro.

[BlasterBates]

Of course people will gnash their teeth, but in the end they've no choice, the UK will contribute the 40 billion to prop up the Euro. Kind of interesting to see the press gloat over the "burning building", without realising they're also in it. It's a bit like the argument of being in or out of the EU, even if the UK were outside the EU they'd still be contributing 40 billion to prop up the Euro.

[Old Greg]

UK trying desperately to pretend it's a Euro crisis and not a debt crisis affecting everyone. Make no mistake, those guarantees are for the Eurozone.

No, they're for the institutions holding Eurozone debt, and for the institutions insuring that debt. It is of course a proper function of government to cut public services and take tax payer money to ensure that financial institutions continue to turn a profit for their shareholders.

[BlasterBates]

UK trying desperately to pretend it's a Euro crisis and not a debt crisis affecting everyone. Make no mistake, those guarantees are for the Eurozone.

[TimberWolf]

It would be a good trick if we could loan £40 billion of freshly printed money and receive payments in a more stable currency, with the pound debased in the intervening period.

[scooterscot]

Cough up Britain, quality of life for us expats must be maintained.

On a serious note what's the real meaning behind this gesture? If the UK government wanted to help the world economy they should let the bad banks fail.

BBC News - UK could give £40bn to the IMF, Danny Alexander says