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Greek bailout will not hurt UK, says George Osborne

By Staff Reporter

Published 17/07/2015

Chancellor George Osborne hailed the agreement as a
Chancellor George Osborne hailed the agreement as a "significant victory" for Britain, which had strengthened the protection against the UK being caught up in bailouts of eurozone countries

Britain has secured a legally binding agreement that no UK taxpayers' money will be put at risk by an emergency €7bn (£5bn) bridging loan being offered to Greece.

Chancellor George Osborne hailed the agreement as a "significant victory" for Britain, which had strengthened the protection against the UK being caught up in bailouts of eurozone countries.

Athens is being offered the loan under the EU-wide European Financial Stabilisation Mechanism to allow it to make imminent debt and interest payments and tide it over until the arrival of a bailout package worth €85bn (£60bn).

"I said British taxpayers' money would not be on the line in any agreement and that's precisely what we have achieved," he said.

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