Monday, 27 September 2010

Financial Failure - Fine Them!

It would seem that EU ministers, meeting shortly, are to discuss new budget rules including possible supervision of member states’ public sector salaries, if the reports in EurActive, EUObserver and EUbusiness are to be believed. 

It is also being reported that countries who run a public debt higher than 60% of GDP would be required to reduce their excess over this figure by a yearly 5% for the following three years, or face a fine.* FT dot com weigh in to report that amongst the countries pressing hard for the fines to come almost automatically if certain benchmarks are breached is the UK.

Well it must now be obvious that besides the UK no longer needing the services of William Hague, we can now dispense with those of George Osborne. Can't be long now before we no longer need those of David Cameron!

In the case of the latter, some might say: RESULT!

* Forgive what may be a dumb question, but if a country is in dire financial straits - where does the money come from to pay a fine?

2 comments:

wg said...

I've been following this and agree with you, WfW, these people really are on a different planet.

As for 'where does the money come from to pay a fine?' - I expect it's from the same source that the Irish get 3 billion euros to bail our Greece even though Ireland is massively in debt itself.

It's mind boggling.

Witterings From Witney said...

Thanks wg for your endorsement of my views.