Europe: don’t look to us when sterling collapses

UK reluctance to help with the Euro bailout has not gone down well at all:

Jean-Pierre Jouyet, the head of the French markets regulator, said sterling was bound to come under pressure on the markets given the delay in forming a UK government after last week’s inconclusive general election.

Mr Jouyet, a former Europe minister who is close to President Nicolas Sarkozy, indicated that Britain could expect no help from the eurozone.

“The British are most definitely going to be targeted given the political difficulties they have,” he told Europe1 radio. “If they don’t want solidarity with the eurozone, we will see what will happen with regard to the United Kingdom.”

Following its refusal to help its neighbours, Mr Jouyet said Britain had become a peripheral player in the bloc.

There was now a “three-speed Europe”, he said: “Europe of the euro, the Europe of countries that understand the euro, such as Poland and Sweden, and the British.”