•The news that disgraced former European Commission President, Jacques Santer has been appointed as boss of the EU's bailout fund, improbably named the Special Purpose Investment Vehicle (Spiv), is 'almost laughable,' said Nigel Farage MEP, the UKIP leader.
"The lunatics have finally taken over the asylum," he said.
"The key to dealing with this crisis, as with any crisis in the markets is confidence. What sort of confidence can anybody have in somebody who was even the EU fired for incompetence."
The plain fact is that the name Santer is synonymous in the public mind with financial corruption. It is quite incredible that someone of his reputation and past actions would be appointed head of an EU bailout fund.
Farage went on: "When I first heard this news I thought it was an April Fool joke. But it is actually true. It is the taxpayers of the EU who are being taken for fools by this latest move. It just shows the EU does not care one iota about either public opinion or corruption in how the whole rotten institution is financed."