E.U., What’s That Smell?

With England set to have a referendum vote in 2017 on whether to stay in the E.U., how’s this for size:

Eurocrats led by debt-stricken Italy want to create a reserve to provide cash to those whose countries are on the brink of collapse.

The proposal would see ailing economies syphon millions of pounds from an EU insurance policy.

The scheme has been hatched by the finance chief of a country whose unemployment rate has rocketed to 12.4 per cent – more than double that of the UK…

The drain on taxpayers comes as figures show the UK has one of the lowest unemployment rates alongside Germany, the Czech Republic and Malta.

Italy has one of the highest with Greece, Spain, Portugal, Croatia and Cyprus.

Overall, unemployment in the EU stands at 9.6 per cent. In the UK the figure is 5.2 per cent…

No details have emerged on the size of the scheme but it is thought the proposal would allow countries experiencing catastrophic job losses, like Greece and Spain, to draw from a fund administered by the European Commission.

There are fears the lion’s share of the cash would be paid for by well run economies like Britain and mainly be drawn by southern European countries with high levels of joblessness.

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