Taxpayer suffers to support bloated EU

NEWS that the EU mandarins have again circumvented EU treaties in order to allow the ECB lend to EU governments does not come as any surprise.

The near €500bn lent by the ECB to EU banks at 1% while those banks lend on as bondholders to EU governments at nearly 7%, is yet another gift to the banks at the expense of the EU taxpayer.

The tragedy is that the banks are not lending this cheap funding to viable businesses to fuel the economy which pays for the continuing bank gravy train. Such ECB funding is plainly delinquent in itself apart altogether from the moral hazard it fosters in delinquent banking.