UK to be free of bailout commitment from 2013

first_img Show Comments ▼ KCS-content CHANCELLOR George Osborne has said that Britain will be free of its commitment to fund Eurozone bailouts by 2013, even as the European Council (EC) meets today to negotiate the legal basis of a permanent bailout fund. The EU summit comes as the Irish parliament voted yesterday to accept the terms of the €85bn (£72bn) EU/IMF bailout. The vote underscored Prime Minister Brian Cowen’s fragile grip: the bailout passed 81-75, with the governing coalition relying on the support of three independent MPs. Opposition parties have sworn to renegotiate the bailout if they win next year’s elections.Osborne announced that Britain stands to make £440m from interest on its £3.25bn bilateral loan to Ireland. But he also assured parliament that he has struck a deal to free Britain from its participation in Eurozone bailouts once a permanent fund is established in 2013. The UK is obliged to contribute up to €7bn for any bailouts until then under the terms of a deal negotiated by former-chancellor Alistair Darling.The European Council meets today and tomorrow to alter EU treaties in order to establish a permanent fund. UK to be free of bailout commitment from 2013 Wednesday 15 December 2010 8:38 pm Share Tags: NULL whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapplast_img

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