Bailouts battering the bastard EU

Ireland crisis could cause EU collapse, warns president

Herman Van Rompuy, president of the EU, has warned it faces a 'survival crisis', with the risk of contagion spreading from Ireland across the continent

Oh, if only.

The Greek Bailout Crackup Is Here, As Austria Refuses Payments

Still, that's a bit of good news.

Then there's Portugal to come.

Eu Wants Total Economic Control

Germany backs Greek bail-out as EU creates 'economic government' - Telegraph

Talks are under way about the Greek bailout package and so not much is making it into the media. Apart from the distinct possibility that our 'colleagues' will invoke Article 122 of the Lisbon Treaty to compel the UK to stump up to help bail out Greece.

This is what's disturbing (though not, of course, unexpected) - the use of the crisis for a power grab by the EU over the economic governance of member states:

The breakthrough comes as this week's summit of EU leaders in Brussels rapidly evolves from a policy workshop into an historic gathering that may catapult the EU across the Rubicon towards fiscal federalism and a de facto debt union. The EU's top brass are seizing on the crisis to push for a radical extension of EU powers, saying Greece has exposed the deep flaws in the structure of monetary union.

Herman Van Rompuy, the EU's new president, has submitted a text calling for the creation of an "economic government" that shifts responsibility for economic planning from national authorities to the "EU level".

In a parallel move, Commission chief Jose Barroso said Brussels has treaty powers allowing it to take the reins of economic management."

This is a time for boldness. I believe that our economic and social situation demands a radical shift from the status quo. And the new Lisbon Treaty allows this," he said.

"Economic policy isn't a national, but a European matter. No modern economy is an island. When a member state doesn't make reforms, others suffer because of that."

Luckily for our friends in the EU, everyone here is too engrossed in the flimflam about PR, etc, to take any notice of what's happening.