'Government can no longer afford
bail-outs,' he added.
Olofin described the situation as unacceptable, urging the Federal Government to probe use of
bail-outs by defaulting governors and impose a sanction in cases of diversion.
But Downing Street insisted any funding to stabilise Greece during the process of leaving the eurozone should be for the eurozone countries alone - just like
bail-outs for those inside the single currency bloc.
Public sector net borrowing, excluding financial interventions such as bank
bail-outs, was pounds 18.2bn in March, up slightly on a year ago and against City hopes of pounds 16bn, the Office for National Statistics (ONS) said.
The Office for National Statistics revealed the figure for Government net borrowing, excluding financial interventions such as bank
bail-outs, was Au126 billion in the financial year to March, including Au18.2 billion last month.
These calculations do not even include the mammoth
bail-outs to the eurozone via IMF contributions.
@Carolinelucas: More roads, airports, less Green protection,
bail-outs for some of most polluting industries...
Everyone wants the banks to be more secure to reduce the risk of the need for future
bail-outs.
Investors would flee peripherals and plunk their money in safer bets, like German or US bonds, driving up borrowing costs for Rome and Madrid and potentially forcing them into
bail-outs, too.
IT could take more than a decade for the government to get its money back following the bank
bail-outs as increased regulation and eurozone debt fears drive away investors, it was claimed.
The committee also recommended that banks' retail and investment arms should be broken up to avoid future
bail-outs.
Republicans are expected to make big gains after a voter backlash against Obama's health reforms, unemployment and bank
bail-outs.