*On web* BASILDON and Billericay MP John Baron has labelled efforts by the UK government to save the Euro as “economic claptrap”.
Speaking during a debate in parliament the outspoken Tory MP also raised concerns about Britain pumping another £10 billion into the International Monetary Fund, which will be used to help save the Eurozone - especially when other countries have refused to help.
Mr Baron said: “The UK is doubling its IMF contribution to £20 billion. This recession is different from previous recession. It is being caused by excessive debt rather than a lack of demand.
“We underestimate the extent of the crisis- £300 billion worth of Italian debt has to be rolled over shortly.
“China with its massive reserves wouldn’t help. The fact the IMF wants another £10 billion from us suggests they no longer have our original £10 billion.
“Additional IMF funding will not work. Such policy simply reinforces the Eurozone’s own flawed policy. “ He also hit out at the appointment of French lawyer Christine Lagarde as managing director of the IMF.
Mr Baron said: “Putting Christine Lagarde in charge of the IMF is like putting a debtor in charge of the debtors’ prison.”
“The government’s approach to this crisis and the Euro generally is flawed.
“The line ‘we must save the Euro’ is economic claptrap.
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