German finance minister says it's not up to rest of Europe to cushion Brexit

[uawchild]

Source: Reuters

German Finance Minister Wolfgang Schaeuble said he saw no reason for other countries to try to cushion the blow of Britain's exit from the European Union with more spending.

"I believe that is a matter that the Britons need to deal with themselves," he said on Saturday following talks with British counterpart Philip Hammond at a G20 meeting in China.

He said he currently did not see the decline of the pound following last month's Brexit vote posing fresh risks to financial markets.

Read more: http://www.reuters.com/article/us-g20-china-germany-idUSKCN1030DQ

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Short statement, that's all of it.

[Bohunk68]

1. Voting has consequences.

[OnDoutside]

2. Well said, Herr Schaeuble ! You cannot crap on the rest of the EU without consequences.

[forest444]

5. The British voters should make the Windsors pay for it.

God knows that, thanks to all those Iraqi oil interests Bush handed to them, they can certainly afford it (them, and the Dutch royals).

[OnDoutside]

6. That's only £5-10bn, a drop in the ocean

[forest444]

7. You're right.

Last edited Sat Jul 23, 2016, 03:44 PM - Edit history (1)

I suppose the Bank of England could print its way out it - just as they did during the 2008 crash and by way of all the QEs since.

It is the way of central banks, after all - and thank goodness for that; because as contemptible as it may be for central banks to print trillions in order to paper over speculative losses by the big banks, the alternative would have probably been a descent into a Mad Max-like reality. Unthinkable.

[OnDoutside]

8. They SOMEHOW should figure a way out of this mess, and not leave. If you look at the position the EU

have taken, they said that IF the UK want favourable status and free movement of goods into the Single Market, they have to allow free movement of labour, which was the reason a sizable portion of the voters voted to Leave ! And on top of that, they won't even negotiate with the UK until the British Government invokes Article 50. If the EU hold to that, it will severely test the mettle of Theresa May.

[forest444]

9. Absolutely.

My guess, tough, is that May will wiggle out of this one by dragging her proverbial feet on Article 50, using any number of excuses.

But the real reason the UK is running a trade deficit with the rest of the EU at a current rate of nearly £100 billion a year, is because they lost so much of their industrial base during the Maggot Thatcher years - especially during her economically disastrous first term. Short of inducing a severe recession in the UK (which is out of the question), that's probably not going to change anytime soon.

They'll find a way to stay in the EU. I'm confident of that.

[OnDoutside]

11. Yes, I agree with all you said, while currently she has flipped to OK we will leave,

the reality will start to stack up to where she feels justified in presenting to the people "Do you really want to go ahead ?".

Thatcher did rip the heart out of Wales and the North especially, leaving those workers to rot. Not too dissimilar to those workers in the Rust Belt.

[forest444]

12. The Rust Belt reference is an excellent analogy.

Their industrial base was knocked out from under them about the same time Thatcher walloped heavy industry and mining in the UK, and the "Chicago Boys" in Argentina ruined that country's manufacturing sector as well (with devastating social consequences they're still to some extent living with today).

Some sick people in this world. Ian Fleming said it best: "Once is happenstance; twice is coincidence; three times is enemy action.”

[Kahina_Loren]

10. Crap on the EU?

Since I am not a native speaker, I am not entirely sure what you are trying to communicate?

Is not taking part of the EU, "crapping" on them?

Have Norway "crapped" on the EU by not wanting to be part of this neo-liberal club?

Their bluster and threats against the UK is being watched closely by every Norwegian.

It doesn't seem like a club it would be a good idea to join.

[OnDoutside]

13. No, the UK have been part of the EU for 43 years and

rather than providing leadership, at a critical time for the European Project, they have "crapped" on the other 27 members by providing wind in the sails of Far Right groups, in other EU states. It's extremely damaging and potentially de-stabilising.

Norway have never been part of the EU, so nothing lost there.

As an EU citizen, there are more positives than negatives, and those negatives were caused by Eurocrats who pushed too hard, without bringing the people with them.

[lark]

3. What drumpf would do to us is far worse than Brexit, as far reaching as that is.

He would destroy our constitution, way of life, reputation and living std. I heard him on a stump speech say that America could not compete with China until we paid our workers at a comparable rate and took away all business regulations. He wants our air to be brown and toxic like chinas and he wants us poor, so he can make more money It's all about him.

[geek tragedy]

4. the rest of the EU seems to be holding the door for the English nt