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Euro members agree €150bn in new loans to IMF – but UK opts out

George Osborne has told his EU counterparts that Britain will not contribute to a €200bn programme of EU lending to the IMF.
George Osborne has told his EU counterparts that Britain will not contribute to a €200bn programme of EU lending to the IMF.
Image: Virginia Mayo/AP

Updated, 19.39

BRITAIN HAS RISKED further isolation within the European Union by refusing to contribute in the latest round of lending to the International Monetary Fund – a measure intended to help it fight the European debt crisis.

Chancellor George Osborne told a conference call of EU finance ministers today that Britain would not contribute the €31 billion it would be expected to contribute as part of the latest round of €200 billion in funding to the IMF.

The €200 billion figure – which has been attacked in some quarters as an arbitrary number – was agreed at the summit of European Union heads of government in Brussels two weeks ago, though British PM David Cameron had not agreed to that figure.

Instead, the European Council this evening confirmed that 13 eurozone member states – not including Ireland, Greece or Portugal – would be lending an additional €150 billion to the IMF.

While non-euro states like Sweden, Denmark, Poland and the Czech Republic are all also likely to make contributions, Britain will not do so – instead waiting to “define its contribution early in the new year in the framework of the G20.”

As expected, Germany will be the biggest contributor to the IMF’s new pot, offering €41.5 billion, while France will give €31.4 billion and Italy – whose economy is at risk of collapse as a result of the debt turmoil – will pay €23.5 billion.

Even tiny economies like Cyprus and Malta will chip in, lending €480m and €260m to the IMF respectively.

While the confirmation of the lending deal to the IMF will be welcomed by many – as it marks the first concrete action arising from the Brussels summit two weeks ago – the continued refusal of the UK to participate could bring fresh political pressure on its government.

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Comments (37 Comments)

  • ShavedGoat 19/12/11 #
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    Such a pity it is Irish that again hold future of EU, Ireland have no pride and no brain. So of course Irish people will vote YES again. Pity not another people, any other country than Ireland could have referendum

    http://www.youtube.com/watch?v=EPcWHBPYOSU&feature=share

    Reply
    • Sean O'Keeffe 19/12/11 #
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      “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”

      Joseph Goebbels

    • Tim Henchin 20/12/11 #
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      Lot of truth in that ShavedGoat.

      The Irish people have very little self respect.

    • Niamh Byrne 20/12/11 #
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      Jesus tim, don’t encourage him. He’s a dirty little man.

  • Joe Thorpe 19/12/11 #
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    I dont see any point in any country lending to the fund if to do so they first have to go out & borrow the money themselves & lets face it £200 Billion will be flushed away faster than a previous nights curry & never seen again. The only solution is for the ECB to print about 2 Trillion €. Dumping more debt of countries that cant pay back what they already owe is pointless

    Reply
  • Frank Enstein 19/12/11 #
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    You will find that a referendum will be held in March just before Ireland runs out of money again and needs another bailout. We will be told that the world will end and all of the banks will collapse if we don’t vote For rather than against the treaty change. This is rubbish and I just hope that the majority sees through the lies that our government is feeding to us. It’s time to flick the switch and start again, it won’t be easy but it’s the only way to save our future and our sovereignty … You want the other option? Higher taxes and a lower standard of living! That’s what the future holds in a Europe controlled and run by bankers, it’s already starting, who runs Greece and Italy? Ex Goldman Sachs employees!

    Reply
    • JeasusBigBalls 19/12/11 #
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      @Frank Enstein – I agree and while there are some very intelligent people in this country who can see past the scare mongering bulls**t, there are unfortunately some less intelligent people who believe what they’re told to believe and vote for whatever the government at the time tells them to vote,
      Lets just hope the brains overshadows the sheep this time.

    • Paul 19/12/11 #
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      This is the way europe works and they will take every red cent in doing so and yes Frank I do agree with you

  • Kieran Mac Court 19/12/11 #
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    Wish we too
    Could
    Be one
    Of two
    Giving
    Two fingers
    To
    Merkozy

    Reply
  • Norman Hunter 19/12/11 #
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    Will someone please tell the British politicans that acting in the interests of the British people is wrong.Surely they must know that Irish government is doing the right thing by jumping when Merky and Sarky say so.

    Reply
  • Chuck Eastwood 19/12/11 #
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    I’m not sure where your from shaved goat but your poor grammar suggests your not Irish or at least I hope your not. You may well be right about a lot of us making brainless decisions but every country did the same. Why not make sensible comments rather than border line racist and inflammatory comments. If you want I can explain the big words to you. Oh and pride…. Pride never put food on a table

    Reply
    • ShavedGoat 19/12/11 #
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      Every country brainlessly voted YES in the Lisbon Treaty? Before attempting to explain ‘Big’ words to me, try understanding the smaller ones, particularly the distinction between ‘your’ and ‘youre’. Pride never put food on the table…’Vote Yes For Lisbon, Yes For Jobs’ Go away you clown, you have neither the intellect or knowledge to condescend me or anyone else here lol

    • Katarzyna Septko 19/12/11 #
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      @ Chuck Your English is awful, even I can see that and I am not even a native English speaker. What guy mocks people about their grammar but can’t even understand simple grammar in his own native language?

    • Niamh Byrne 19/12/11 #
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      Chuck I agree, there are a few who come on this site and think they are being clever by using inflammatory remarks to get the reaction they want, they think its reverse psychology…it isn’t. Its just plain insulting. Get off.ur imaginary high horse shaved goat. If ur one of the people be one of the people.

    • ShavedGoat 19/12/11 #
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      No, being ‘clever’ would be a genius whose intellect and debating skills stretch only so far as to correct grammar on a screen ) Niamh, is anything I said wrong? I find you and the Irish electorate rather insulting actually.

      P.S I am not on a horse, nor do I own one

    • Niamh Byrne 19/12/11 #
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      Are you irish urself? and if yes then you are a member of the electorate….unless you are in prison…

    • ShavedGoat 19/12/11 #
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      What a stupid question to ask, you’re definitely Irish…how old are you, 12?

      I am not Irish and not in prison. I am unfortunately European, that means your stupid electorate gets to vote YES for the entire continent again.

    • Niamh Byrne 19/12/11 #
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      So ur statement above is racist… And thanks for the compliment but a lady never reveals her age ;)

    • Niamh Byrne 19/12/11 #
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      And I’m guessing you are polish….

    • Réada Quinn 20/12/11 #
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      I think he’s German Niamh.

    • Réada Quinn 20/12/11 #
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      How come ye can’t have a referendum ShavedGoat?

    • ShavedGoat 20/12/11 #
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      The dumbest ignorant people in Europe get to decide the future again for everyone else. Of course you get a bloody referendum, they know you will vote yes again!!

    • Tim Henchin 20/12/11 #
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      @Chuck

      Pride never put food on the table, but the self degrading attitude prevalent in Ireland. The obsession with being good little boys and girls, whether that be for Leinster House, London or Brussels etc etc has only led to poverty and emigration again and again.

      Pride never put food on the table. Have a bit of self respect for yourself and your country. I’m certainly not going to come out with maudlin shite about food on the table, as a way of squaring being pissed upon. I just won’t take it.

  • Francis Stokes 19/12/11 #
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    Next we we will see Merkozy heads on the euro notes.

    Reply
    • Frank Enstein 19/12/11 #
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      Worthless heads on soon to be worthless bits of paper :-)
      I think lots of people would rather see their heads John The Baptist style Francis.

  • Jeff 19/12/11 #
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    Clearly the English are trying to break the EUR & the EU

    Reply
  • 1 Human Being 19/12/11 #
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    It’s the city of London they don’t want new regulation which will stop the gravy train for the most corrupt financial area on the planet. All the dirty money that flows through the city of London will stop if the EU gets it’s way. It wants to replace London with Frankfurt as the new center of corruption. As the EU/US seem determined to continue with this broken system by passing debt around and hoping they are not the last ones left with it. The system is broken no one is fixing it because no one will admit its broken.

    Reply
  • Peter Mullins 19/12/11 #
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    Coming out of recession Me Hole, that €35 m could come in awfully handy around now, jaysis here comes the double dip now!!! It’s alls fucked!!!

    Reply
  • Norman Hunter 20/12/11 #
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    Shavedgoat forgetting the insults you are hurling,what point are you trying to make?or is that too much to ask.

    Reply
  • Andrew Telford 20/12/11 #
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    Irish and proud to be voting YES on any referendum in favor of Europe, appreciative of all the help they’ve given us in solving OUR financial mess.

    Reply
  • Silent P 20/12/11 #
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    Somebody feed the goat. It’s likely to kick out and bite soon.

    Reply
  • Dave Higgins 20/12/11 #
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    He / She is trolling and should be ignored.

    Reply
  • Report this comment

    Shaved goat is traumatised after a recent trip to Co. Wicklow, give the poor chap a break, how would you feel after having your hind quarters shaved and getting violated over and over.
    Shaved goat comes to town wrapped in the butcher’s apron, spouting forth, disdain to all…

    Reply

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