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Argument: Greece bailout is illegal under EU law

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"Five Reasons Not to Support a Bailout of Greece." The Heritage Foundation. May 2010: "Article 125.1 of the Treaty on the Functioning of the European Union expressly forbids one member state bailing out another. It states: 'The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project.' Lord Lamont, Secretary of the Treasury when Britain, pointed out that the Maastricht Treaty specifically ruled out such bailouts so that responsible members of the Eurozone would not have to subsidize irresponsible ones."

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