England's White Dragon

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Saturday, 5 November 2011

British Prime Minister David Cameron admits and warns of Euro-zone damage to England’s Economy

British Prime Minister David Cameron admits and warns of Euro-zone damage to England’s Economy

Prime Minister David Cameron has warned that every day the euro-zone debt crisis remains unsolved it further damages the world and England’s economies.

Speaking during the G20 summit which ended in Cannes on Friday, the British PM said: "This is having a chilling effect on our economy.

"The world can't wait for the euro-zone to go through endless questions and changes about this.

"The world has shown it is ready to act but I'm not going to pretend all of the problems in the euro-zone have been fixed. They haven't."

Leaders of the world's top 20 economies agreed in principle to increase the resources of the International Monetary Fund (IMF) but refused to contribute directly to the euro-zone bailout fund.

Mr Cameron taking the advice of the English first minister not to bail out the EU’s doomed euro said: "Britain will not contribute to the euro-zone bailout fund and we are clear that the IMF will not contribute either."

A decision on how much money to add to the IMF has been left until another meeting in February, but Conservative backbenchers have calculated that a proposed £10bn increase in England's contribution would cost English households £400 each Sir Michael Black-Feather the English first minister said any increase is just not acceptable to England when we have our own burdens and bills to pay without paying the bills for the EU and its failed euro, it’s the EU’s mess let then sort it out and the sooner this British government comes to terms that England would be far better off without being a part of the EU the better off will shall all be.

The British government has insisted however those contributions are made in the form of loan guarantees rather than loans and that no government has ever lost money by paying into the IMF Sir Michael said no it’s only the people that lose because there in fact paying it and don’t get it back?.

Mounting fears about Italy's public finances have seen borrowing costs for the Euro-zone’s No.3 economy reach a dangerously high 6.4%.

Italian leader Silvio Berlusconi, who is resisting calls for him to quit, rejected the offer of an IMF loan made at the G20 summit but has invited IMF inspectors to Rome to report on the effectiveness of austerity measures aimed at reducing its 1.9-trn-euro national debt.

On-going uncertainty over how much Eurozone debt will ultimately be repaid has caused banks to become increasingly reluctant to lend to each other, to businesses and consumers which threatens to cause another recession.

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