The London Daily News

News Desk

Fears of contangion in the Euro-zone should not engulf the interests of the United Kingdom, argues leading London MEP Syed Kamall in a strongly worded statement issued in London today.

“We spent 3.1 billion Euros bailing out Ireland using this mechanism,” said Dr Kamall. “George Osborne knows we should not be part of it, that is why he has negotiated to withdraw us when the new European Financial Stability Mechanism (EFSM) is set up from 2013.  But in the meantime, we are exposed.  We need to get out now.”

Dr Kamall did not rule out the UK participating in bail out of other countries using the IMF or bilateral loans where the UK’s vital national interests are at stake.

“Many of us have be warning for years that peripheral countries of the EU should not be participating in the Euro. They need to establish currencies which can float in tune with the performance of their domestic economies. The last thing we should be doing is helping them stay in a failed single currency.”

Stock markets around Europe have recovered following heavy loses last week, after a rescue package was agreed in Brussels Sunday.