£517bn IMF aid for Italy to save the eurozone
UK taxpayers could again be called upon to bail out failing eurozone countries after it emerged Italy and Spain might be the next to need help.
The IMF is understood to be drawing up a £517bn rescue deal for Italy, as well as credit for Spain.
Britain pays in 4.5 per cent to IMF funding, meaning the bill for any rescue would be partly footed by hardworking Britons.
If the deal goes ahead Britain could be forced to underwrite about £25billion.
Italy and Spain’s bond yields have spiralled to over seven per cent, which may force them to seek some international help to stave off financial meltdown.
The news comes as EU finance ministers meet tomorrow to discuss plans for a bail-out involving the European Financial Stability Facility.
£517bn rescue deal for Italy as well as credit for Spain
Insisting yesterday that Britain is ready for “whatever the eurozone throws at us”, Chancellor George Osborne said: “A disorderly collapse of the eurozone would have a massive impact on the UK.”