john redwood
"I have two main worries with this proposal. The first is I object very strongly to the IMF becoming the cash machine of last resort for the failing Euro. We could easily lose substantial sums through this activity. The IMF has been lending to Euro countries at a little over 5% when the market says they should be paying twice that. Many in the markets think Greece will have to renege on its debts one way or another.
The second is, this is not a good time to ask us for more money. The UK government is rightly fighting the battle of the bulge on its own borrowing habits. Having to borrow more to lend to ailing Euroland economies through the IMF is not helpful to the UK programme of debt and risk reduction in the national accounts."
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