Portugal bail-out ..

Well if the so-called bail-out to Portugal being discussed by European heads of finance is anything like the one for Ireland then it spells bad news for the Portugese people. An article I have just seen suggests that Britain will have to pay £3 billion into the fund as our share to "help out " Portugal. The point is that Britain has no money , the opposite we have a mountain of debts , so as with Ireland and the £7 billion we will have to borrow the money ourselves to give to them. This may seem crazy but from our viewpoint it is far from it but from Ireland`s point of view it is disastrous. You see we borrow the money at our credit rating of say 3 % and then we lend it out over a long term at say 7% , hence a potential profit of 4% giving plenty of room for a hair-cut if Ireland and now Portugal default on their loans. You might ask why Portugal would want to do this , why not do what we are doing and borrow at 3% ? It`s because their credit rating is probably at 8% and over a shorter term .However Britain is not a member of the Eurozone and is only covering a small percentage of Ireland / Portugal`s needs the rest being met by germany etc. So we British portray ourselves as being a benevolent country willing to help-out its impoverished neighbours when in reality we are just being hard nosed dealers in debt for profit. In Ireland`s case our banks were exposed to Irish debt of about £7 billion so really it`s our govt. subsidising the bank`s by covering possible losses if the Irish banks do go broke ! It`s all done by mirrors and people like Osbourne having the balls to stand up and say how kind we are to " help " fellow countries in need but not telling us just how we achieve this when we ourselves are skint. Of course it will be the tax=payers in the debtor countries who will have to pay these debts back over years and generations of austerity and hardships.