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EU bailout bill is £500 per family: Total soars after Osborne agrees Portuguese deal
Originally posted by 5corpio
The Chancellor and fellow finance ministers agreed a Europe-wide £68billion deal to prop up the single currency by rescuing Portugal, which will cost UK taxpayers £4.3billion.
The loan deal, which involves the EU and International Monetary Fund, brings the total liability for the UK to £12.5billion from the three financial rescue efforts so far – or £500 per family. It will be formally signed at a meeting in Brussels this morning.
The UK has already forked out £7billion to help the Irish Republic and a further £1.2billion through the IMF during the first bailout of Greece last year.
The one bit of good news for British taxpayers is that Mr Osborne last night got fellow EU governments to sign off an agreement that the UK will not have to contribute to any further bailouts after 2013..............Read more HERE
Previous News about Portugal: 26th November 2010 -
EU denies Portugal in line for aid package -
The budget seeks to cut the country's deficit from 7.3% of economic output this year to 4.6% in 2011. Under the measures in the budget, public spending will be cut and VAT increased to a maximum rate of 23%. Mr Socrates said the country had "no alternative at all" to cutting its budget. "We must make this effort," he said
As mentiond here on the Forum: HEREEU denies Portugal in line for aid package -
The budget seeks to cut the country's deficit from 7.3% of economic output this year to 4.6% in 2011. Under the measures in the budget, public spending will be cut and VAT increased to a maximum rate of 23%. Mr Socrates said the country had "no alternative at all" to cutting its budget. "We must make this effort," he said