What this means is that we borrow money off the market – for which we pay interest - to lend to the IMF. But what may have been missed from the earlier post is that the bailout funds are to be used, inter alia, to buy up Greek debt – from a nation that intends to default.
Thus, in reality, we are buying up debt with borrowed money, to give to an organisation which will lend it to a "client" (or clients) that will never repay it. In effect, that makes this money a £9 billion "gift" from British taxpayers. It will be given to the financiers (mainly banks) who lent money to the Greek government, to help them cut their losses.
Subrosa has more about the loathsome giveaway by the people who call themselves our representatives. All we need now is a reason for not rising up and slaughtering them. It had better be really good.
UPDATE: THE HALL OF SHAME
These are the MPs who voted to give away our money ... that's £9.8 billion, or £35,766,000 each that they owe us - the £36 million club.
Adams, Nigel; Afriyie, Adam; Aldous, Peter; Alexander, Danny; Amess, David; Andrew, Stuart; Bacon, Richard; Baker, Norman; Baldwin, Harriett; Barclay, Stephen; Barwell, Gavin; Bebb, Guto; Beith, Alan; Bellingham, Henry; Beresford, Paul; Berry, Jake; Bingham, Andrew; Birtwistle, Gordon; Blackman, Bob; Blackwood, Nicola; Blunt, Crispin; Boles, Nick; Bradley, Karen; Brake, Tom; Bray, Angie; Brazier, Julian; Brine, Steve; Brokenshire, James; Brooke, Annette; Bruce, Fiona; Bruce, Malcolm; Buckland, Robert; Burns, Conor; Burns, Simon; Burrowes, David; Burstow, Paul; Burt, Lorely; Byles, Dan; Cairns, Alun; Campbell, Menzies; Carmichael, Alistair; Carmichael, Neil; Chishti, Rehman; Clark, Greg; Clarke, Kenneth; Clifton-Brown, Geoffrey; Coffey, Thérèse; Collins, Damian; Colvile, Oliver; Cox, Mr Geoffrey; Crabb, Stephen; Crockart, Mike; Crouch, Tracey; Davey, Edward; Davies, David T. C.(Monmouth); Davies, Glyn; de Bois, Nick; Dinenage, Caroline; Djanogly, Jonathan; Doyle-Price, Jackie; Duddridge, James; Duncan, Alan; Duncan Smith, Iain; Ellis, Michael; Ellison, Jane; Ellwood, Tobias; Elphicke, Charlie; Evans, Graham; Evans, Jonathan; Evennett, David; Fabricant, Michael; Fallon, Michael; Featherstone, Lynne; Field, Mark; Foster, Don; Fox, Liam; Francois, Mark; Freer, Mike; Fullbrook, Lorraine; Gale, Roger; Garnier, Edward; Garnier, Mark; Gauke, David; George, Andrew; Gibb, Nick; Glen, John; Goodwill, Robert; Gove, Michael; Graham, Richard; Grant, Helen; Grayling, Chris; Green, Damian; Greening, Justine; Gummer, Ben; Gyimah, Sam; Hames, Duncan; Hammond, rh Mr Philip; Hammond, Stephen; Hancock, Matthew; Hancock, Mike; Hands, Greg; Harper, Mark; Harrington, Richard; Harris, Rebecca; Hart, Simon; Haselhurst, Alan; Heald, Oliver; Heath, David; Heaton-Harris, Chris; Hemming, John; Hendry, Charles; Hinds, Damian; Hoban, Mark; Hollingbery, George; Holloway, Adam; Hopkins, Kris; Howarth, Gerald; Howell, John; Hughes, Simon; Huhne, Chris; Hunt, Jeremy; Huppert, Julian; Hurd, Nick; Jackson, Stewart; James, Margot; Javid, Sajid; Jenkin, Bernard; Johnson, Gareth; Johnson, Joseph; Jones, Andrew; Jones, David; Jones, Marcus; Kawczynski, Daniel; Kennedy, Charles; Kirby, Simon; Laing, Eleanor; Lamb, Norman; Lancaster, Mark; Latham, Pauline; Laws, David; Leadsom, Andrea; Lee, Phillip; Leech, John; Lefroy, Jeremy; Leslie, Charlotte; Letwin, Oliver; Lewis, Brandon; Liddell-Grainger, Ian; Lidington, David; Lilley, Peter; Lloyd, Stephen; Lord, Jonathan; Loughton, Tim; Luff, Peter; Lumley, Karen; Macleod, Mary; Maude, Francis; May, Theresa; Maynard, Paul; McIntosh, Anne; McLoughlin, Patrick; McPartland, Stephen; Mensch, Louise; Menzies, Mark; Mercer, Patrick; Metcalfe, Stephen; Miller, Maria; Milton, Anne; Mitchell, Andrew; Moore, Michael; Mordaunt, Penny; Morgan, Nicky; Morris, Anne Marie; Morris, David; Morris, James; Mosley, Stephen; Mowat, David; Mulholland, Greg; Mundell, David; Munt, Tessa; Murray, Sheryll; Murrison, Andrew; Neill, Robert; Newmark, Mr Brooks; Nokes, Caroline; Norman, Jesse; O'Brien, Mr Stephen; Ollerenshaw, Eric; Paice, Mr James; Parish, Neil; Patel, Priti; Paterson, Owen; Penning, Mike; Penrose, John; Phillips, Stephen; Pickles, Eric; Pincher, Christopher; Poulter, Dr Daniel; Prisk, Mr Mark; Pugh, John; Raab, Dominic; Randall, rh Mr John; Rees-Mogg, Jacob; Reid, Alan; Robathan, Andrew; Robertson, Hugh; Robertson, Mr Laurence; Rogerson, Dan; Rudd, Amber; Ruffley, Mr David; Russell, Bob; Rutley, David; Sanders, Adrian; Sandys, Laura; Scott, Mr Lee; Selous, Andrew; Shapps, Grant; Sharma, Alok; Shelbrooke, Alec; Simmonds, Mark; Simpson, Keith; Skidmore, Chris; Smith, Chloe; Smith, Henry (recorded as voting in both lobbies); Smith, Julian; Smith, Robert; Soames, Nicholas; Soubry, Anna; Spencer, Mark; Stephenson, Andrew; Stevenson, John; Stewart, Iain; Stewart, Rory; Streeter, Gary; Stride, Mel; Stunell, Andrew; Sturdy, Julian; Swales, Ian; Swayne, Desmond; Swinson, Jo; Swire, Hugo; Syms, Mr Robert; Thurso, John; Timpson, Edward; Tomlinson, Justin; Tredinnick, David; Truss, Elizabeth; Tyrie, Andrew; Uppal, Paul; Vaizey, Edward; Vara, Shailesh; Villiers, Theresa; Walker, Robin; Wallace, Ben; Walter, Mr Robert; Ward, David; Watkinson, Angela; Weatherley, Mike; Webb, Steve; Wharton, James; Wheeler, Heather; White, Chris; Willetts, David; Williams, Mark; Williams, Roger; Williams, Stephen; Williamson, Gavin; Willott, Jenny; Wilson, Rob; Wright, Jeremy; Wright, Simon; Yeo, Tim; Young, George; Zahawi, Nadhim; Mark Hunter; Bill Wiggin.
Live they ever so long, they cannot repay us for what they have done.
COMMENT: FINANCIAL CRISIS THREAD
