June 24, 2011
European leaders agreed to launch a fresh bailout of Greece subject to parliamentary passage of an austerity package next week. Britain is to be spared from taking part in the rescue after leaders accepted David Cameron's argument that the bailout, expected to total up to €120bn (£107bn) should be borne by the other 16 countries using the single currency.
The Brussels summit of the EU's heads of government was scheduled to focus on the European economy, immigration policy and upheavals in the Middle East, but was overshadowed by the sovereign debt crisis in Greece, which is perceived to be on the brink of a meltdown that might trigger a fresh international banking crisis.
A statement said that the draconian package of €28bn in spending cuts and tax rises plus a €50bn privatisation programme "must be finalised as a matter of urgency in the coming days" by Greece to qualify for the new bailout.
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