TIM SHIPMAN and HUGO DUNCAN
UK Daily Mail
October 26, 2011
Britain was facing a new multi-billion-pound bill to prop up the euro last night as the single currency teetered on the brink of collapse.
Efforts by France and Germany to thrash out a rescue deal descended into chaos as a meeting of EU finance ministers scheduled for today was cancelled at the 11th hour because of lack of progress.
More than ÂŁ18billion was wiped off the value of shares in London in just 20 minutes when EU officials also warned that a separate make-or-break leadersâ€™ summit today in Brussels would also fail to end the crisis.
The International Monetary Fund, to which Britain is a major contributor, made clear it is prepared to step in and boost the eurozone bailout fund.
That would leave British taxpayers to carry the can for those countries in the eurozone which have failed to solve their problems.
This article was posted: Wednesday, October 26, 2011 at 2:38 am