Bill for Bailing out Failing EU Economies Is [Pounds Sterling]500 per Family
Byline: Tim Shipman Deputy Political Editor
EVERY family in Britain will contribute [pounds sterling]500 to bail out the euro after George Osborne last night signed up to a rescue fund for Portugal.
The Chancellor and fellow finance ministers agreed a Europe-wide [pounds sterling]68billion deal to prop up the single currency by rescuing Portugal, which will cost UK taxpayers [pounds sterling]4.3billion.
The loan deal, which involves the EU and International Monetary Fund, brings the total liability for the UK to [pounds sterling]1 .5billion from the three financial rescue efforts so far - or [pounds sterling]500 per family.
It will be formally signed at a meeting in Brussels this morning.
The UK has already forked out [pounds sterling]7billion to help the Irish Republic and a further [pounds sterling]1. billion 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 013.
That could save taxpayers up to [pounds sterling]57billion if the single currency continues to have problems.
But with the prospect of a second bailout for the bankrupt Greek economy looming taxpayers may not get immediate relief from saving the single currency. …