THE TELEGRAPH: Britain has been warned it will be punished by Europe if the pound is hit by a financial crisis, after refusing to support a massive euro bail-out.
Officials from both euro and non-euro countries said Britain should not ask for help if it runs into trouble because it had not signed up to a £378 billion support fund.
French, Swedish and many Brussels officials have predicted that it is only a matter of time before Sterling is hit by the same market turbulence that came close to destroying the euro at the weekend.
Jean-Pierre Jouyet, a former French Europe minister and the current chairman of France's financial services authority, yesterday predicted only "God would help" a rudderless Britain after it snubbed its euro zone neighbours.
"There is not a two speed Europe but a three speed Europe. You have Europe of the euro, Europe of the countries that understand the euro ... and you have the English," he said.
"The English are very certainly going to be targeted given the political difficulties they have. Help yourself and heaven will help you. If you don't want to show solidarity to the euro zone, then let's see what happens to the United Kingdom." >>> Bruno Waterfield in Brussels | Tuesday, May 11, 2010
