Embargo: Immediate: 00.001 Friday 17 July 2015
A RING FENCE WILL NOT SAVE THE UK FROM EXPOSURE TO GREEK DEBT
Richard Tice, Chairman of the Global Britain Business Group, has described as “worthless and complacent” Chancellor George Osborne’s assurance that UK taxpayers’ money being used to underwrite a third Greek bailout will be protected by an “impregnable ringfence”arrangement.
Commenting on the failure by the government to prevent any UK financial exposure from the EU’s attempt to solve the Greek debt crisis Richard Tice commented:
“Global Britain is releasing today research conducted by respected City international finance consultant Bob Lyddon that exposes the truth about a bailout using EFSM funds, and that is that the debt will be the joint and several liability of all EU member states. In short, this means that the UK liability cannot be limited to its 14 per cent membership share of the loan if Greece defaults (estimated to be £850 million) but will also be liable for a share of Greece’s own EU membership fee that it will not be able to pay – and could be liable for up to 100 per cent of the loan if every other member failed to contribute.”
Download the Media Release: gb-media-release-04-17-07-15-efsm-exposure