List of reasons to vote NO
The proposal tosses aside a written agreement between David Cameron and his counterparts that stated British taxpayers would never again be exposed to Eurozone bailouts.
Mr Cameron subsequently assured the House of Commons that Britain be exempt from bailouts, and he has repeatedly used the deal as proof that he can radically renegotiate Britain’s membership with the EU.
Indeed, the 2015 Conservative manifesto boasts: “We took Britain out of Eurozone bailouts, including for Greece – the first ever return of powers from Brussels.”
Ambrose Evans-Pritchard has his say on events of last night. He’s not happy…
Like the Neapolitan Bourbons – benign by comparison – the leaders of the eurozone have learned nothing, and forgotten nothing.
The cruel capitulation forced upon Greece after 31 hours on the diplomatic rack offers no conceivable way out the country’s perpetual crisis. The terms are harsher by a full order of magnitude than those rejected by Greek voters in a landslide referendum a week ago, and therefore can never command democratic assent.
They must be carried through by a Greek parliament still dominated by MPs from Left and Right who loathe every line of the summit statement, the infamous SN 4070/15, and have only agreed – if they have agreed – with a knife to their throats.
EMU inspectors can veto legislation. The emasculation of the Greek parliament has been slipped into the text. All that is missing is a unit of EMU gendarmes.
Such terms are unenforceable. The creditors have sought to nail down the new memorandum by transferring €50bn of Greek assets to “an independent fund that will monetise the assets through privatisations and other means”. It will be used in part to pay off debts.
This fund will be under EU “supervision”. The cosmetic niceties of sovereignty will be preserved by letting the Greek authorities manage its day to day affairs. Nobody is fooled.