Partner Article

UK aid to Greece to be limited

David Cameron has successfully limited the e amount of money the UK will have to give to the second Greek rescue package.

The BBC has reported that the European contribution to the Greek bailout will be limited to the countries which use the single currency.

The UK will instead pay towards the wider European Financial Stabilisation Mechanism, which covers the whole of the EU.

This decision was announced at an EU summit in Brussels by European Council President Herman Van Rompuy.

After the vote, a source told the BBC: “This is the right outcome for the British taxpayer.”

Next week, the Greek parliament will vote on proposed spending cuts, and if they vote is passed, Greece is set to get the next 12 billion euro instalment of the eurozone and IMF funds, which could save the country from defaulting.

Despite this aid however, many economists remain wary and still believe Greece could default in the near future.

This was posted in Bdaily's Members' News section by Ruth Mitchell .