Will Greece bailout in bid to save the euro cost British taxpayers ?3.5bn?

[gmb45]

~~~~ me thats not enough what about zaps beer ?



taxpayers could be forced to contribute to a multi-billion euro bailout of Greece's stricken economy as Europe's financial turmoil escalates. Number 10 yesterday repeatedly refused to rule out joining a potential rescue plan ahead of a crucial Brussels summit today.
Helping to put cash into a shattered Eurozone economy would provoke huge embarrassment and anger at home, given the UK's own budgetary woes and the fact it is not a member of the single currency.

Storm clouds: Greece's stricken economy could need up to ?21billion to rescue it

The Prime Minister and his aides spent the day dodging attempts to rule out a cash injection as French and German leaders began putting together a rescue plan.
Senior Government sources admitted the UK may have to pour more money into an International Monetary Fund pot for struggling economies if Greece asks for help.

It is unclear how much will be needed to rescue the Mediterranean country, but estimates suggest up to ?21billion. At today's summit Mr Brown will push behind the scenes to make the members of the euro carry the burden of helping the Greeks. 'We want to stay out of it if we can,' a senior official said.
But officials in Brussels made clear that the ultimate solution might involve a deal with funds injected by all 27 EU nations. That would leave Mr Brown with moral - and possibly legal - obligations to help.
Meanwhile, figures showed Greece's budget shortfall may be even worse than thought.
It may have been 16 per cent of gross domestic product last year, rather than 12.2 per cent, according to research from Goldman Sachs.
That amounts to a ?33billion shortfall between tax receipts and spending, up from ?26billion previously.
Also yesterday, thousands of Greeks marched in protest over austerity measures including pay freezes, tax hikes and extensions to the official retirement age.

[patkins]

So, Zap`s got sore feet and a hangover.

[xant14]

I agree, its a very nice picture of the Acropolis.

[radioham]

~~~~ me thats not enough what about zaps beer ?



taxpayers could be forced to contribute to a multi-billion euro bailout of Greece's stricken economy as Europe's financial turmoil escalates. Number 10 yesterday repeatedly refused to rule out joining a potential rescue plan ahead of a crucial Brussels summit today.
Helping to put cash into a shattered Eurozone economy would provoke huge embarrassment and anger at home, given the UK's own budgetary woes and the fact it is not a member of the single currency.

Storm clouds: Greece's stricken economy could need up to ?21billion to rescue it

The Prime Minister and his aides spent the day dodging attempts to rule out a cash injection as French and German leaders began putting together a rescue plan.
Senior Government sources admitted the UK may have to pour more money into an International Monetary Fund pot for struggling economies if Greece asks for help.

It is unclear how much will be needed to rescue the Mediterranean country, but estimates suggest up to ?21billion. At today's summit Mr Brown will push behind the scenes to make the members of the euro carry the burden of helping the Greeks. 'We want to stay out of it if we can,' a senior official said.
But officials in Brussels made clear that the ultimate solution might involve a deal with funds injected by all 27 EU nations. That would leave Mr Brown with moral - and possibly legal - obligations to help.
Meanwhile, figures showed Greece's budget shortfall may be even worse than thought.
It may have been 16 per cent of gross domestic product last year, rather than 12.2 per cent, according to research from Goldman Sachs.
That amounts to a ?33billion shortfall between tax receipts and spending, up from ?26billion previously.
Also yesterday, thousands of Greeks marched in protest over austerity measures including pay freezes, tax hikes and extensions to the official retirement age.

So where the hell is he finding the money???????????WE'RE BROKE!!!!!!!!!Cheers Chas.

[Lyrrad]

It seems crazy to me. Surely it's good for UK if the Euro devalues against Sterling. Why would we pay to stop that happening. Only UK plc would even dream of it.