madam president a billion here a billion there and pretty soon we are talking real money
the amounts that have been dedicated by the european union to these bailouts dwarf the domestic spending of our national governments
the united kingdom alone has so far made available gbp seven billion in ireland and it is now about to be asked for another gbp four point two billion in portugal
gbp seven billion is more than the value of all the domestic cuts we have made in social security put together and all for a policy which is now visibly failing
when the greek bailout was originally agreed we were told that it would be enough to deter the speculators that greece would now be borrowing competitively in the market and that no more would be needed
yet we now see greece openly negotiating for a default and for further loans
it is clear that we are not going to see the money again
it is also clear that we are breaking the law
these bailouts are not merely unauthorised under the treaties they are expressly prohibited and worst of all they are damaging to the recipient countries
there is a racket a ponzi scheme whereby governments and banks connive to give money to european bankers and bondholders while expecting the repayment to come from ordinary european taxpayers
ireland and greece are now having to borrow more money to send to portugal while at the same time ireland and portugal are having to borrow more money to send to greece
let me finish by quoting my countryman rudyard kipling
you will find it better policy to say we never pay one dane-geld no matter how trifling the cost for the end of that game is oppression and shame and the nation that plays it is lost
