The front page story in today's FT (£) suggests that David Cameron might be ready to AGAIN increase Britain's contribution to the IMF as part of a rescue plan for the €urozone. "New resources," the newspaper reports, "would supplement a war chest of about $384bn, which is too small for a large-scale rescue package for both Spain and Italy. Any fresh round of financing would almost certainly be agreed on an ad hoc basis; the US has already ruled out taking part."
Britain must not even consider joining a bailout that does not include fundamental reform of the €urozone and that means that some countries like Greece, Portugal and Ireland leaving. The €urozone is currently an unemployment machine - "An astonishing 23% of the Spanish workforce is unemployed, including 45% of young people. 18% of the Greeks of working age, 14% of the Irish and 13% of the Portuguese rely on out of work benefits for their living. Even in France almost 10% of the workforce is without a job."