The issue of debt across Europe and the United Kingdom continues to gain momentum and spark heated debates amongst leaders. It has been reported that due to Greece’s estimated three hundred billion pound debt and Britain’s association with the International Monetary Fund, UK tax payers may face a six hundred and fifty million pound bill.
Since the collapse of the Greek economy last year due to the global economic crisis and financial mismanagement, questions have been raised across the continent as to what other countries and the finance industry can do to reduce the impact of the debt . It has been reported that in an effort to aid the country – which is now on the verge of bankruptcy ; sixteen Eurozone leaders have agreed to provide the country with twenty-six billion pounds in emergency loans .
The decision has raised questions amongst other EU members and leaders with many countries divided on the issue. A representative of Open Europe – Mats Persson, has reportedly commented: "This move will take Europe into uncharted territory and will no doubt cause outrage among British taxpayers."
Contributing a reported five percent to the IMF, Britain’s obligation to potentially provide six hundred and fifty million pounds will no doubt anger a country struggling with their own economic crisis and debts during these times of recession .
UK may be forced to relieve Greek debt
Tue, 13 Apr 2010
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