Britain could face £4.8bn bailout bill if Greece leaves euro

Guardian
June 4, 2012

Britain could be asked to underwrite up to €6bn (£4.8bn) towards a bailout of Greece if the country exits the euro, according to a thinkthank report released on Monday.

David Cameron may also face calls for concessions including a referendum on EU membership if a Greek exit prompts full treaty change, a report by Open Europe said.

There are growing concerns about the consequences should Athens leave the euro in a so-called "Grexit", which have escalated in the runup to the Greek general election on 17 June.

Raoul Ruparel, head of economic research at Open Europe, has predicted that the new government in Athens is likely to reach a deal with creditors, allowing the country to remain in the euro temporarily. "However, as Greece approaches a balanced budget and a more stable banking sector, though still messy, an exit will look increasingly attractive," he said.

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