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UK taxpayers may be forced to bail out euro members

In a move which will again highlight the problems with EU regulations and laws, it has been revealed that the UK may well be forced to assist with the bailout of EU member countries who have taken the euro as their currency. Despite the fact that the UK has not yet joined the euro there appears to be small print in the European Union treaty which allows EU regulators to force EU members to contribute to any potential bailout.

When you consider that countries such as Ireland, Spain and Greece are in serious financial difficulties at the moment there is every chance that the UK government could be asked to "chip in" with substantial funding figures. Whether this luxury would be afforded to the UK if the economy continues to fall is unclear but this news will blow apart the Labour government's claim that the European Union treaty is not detrimental to the UK taxpayer.

As yet there has been no call for EU members to contribute to a bailout fund but with the situation worsening across Europe, and money tighter than ever, many expect plans to be put into action over the coming months. Quite how much the UK might be asked to contribute is a little unclear at this moment in time but interestingly, even though the UK has regularly used its veto for the good of the country, there are no vetoes available for this potential EU rescue funding requirement.

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