UK faces £5bn bill if Greece leaves euro
Tuesday 05 June 2012
A Greek exit from the euro could see British taxpayers forced to offer up to £4.8bn in loans, despite the Prime Minister's claims he has won assurances to the contrary.
The think tank Open Europe predicted yesterday that a new Greek government could eventually conclude that leaving the single currency was an attractive option, and that Britain would have no option but to help to bail out the country through the International Monetary Fund. Greece votes in a second general election later this month, with polls suggesting big gains for parties that reject the terms of the country's current international support package.
Raoul Ruparel, Open Europe's head of economic research, said he expected a new government in Greece to be able to remain in the euro temporarily by negotiating a deal with creditors.
"However, as Greece approaches a balanced budget and a more stable banking sector, though still messy, an exit will look increasingly attractive," he added.
The cost of supporting Greece if it left the single currency could be anything between £54bn and £210bn, he said, split between the IMF, the eurozone and non-euro countries, "with the UK possibly underwriting between £3.2bn and £4.8bn of the entire rescue package."
- 1 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 2 Oil tanker with $100 million cargo goes missing off Texas coast
- 3 George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
- 4 Lady al-Qa’ida: On the trail of Dr Aafia Siddiqui, the world’s most wanted prisoner
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
- < Previous
- Next >
£60000 - £70000 per annum + Benefits + Bonus: Harrington Starr: Senior Data Sc...
Highly Attractive Salary: Austen Lloyd: BRISTOL - This is a very unusual law c...
£28000 - £30000 per annum + Benefits + Bonus: Harrington Starr: Junior VB.NET ...
£40000 - £50000 per annum + Benefits + Bonus: Harrington Starr: C# .NET Web De...