The UK has already spent more on bailing out countries in the eurozone than it has saved through austerity measures this year, according to Conservative MP Douglas Carwell.
“Bailouts for the Irish and Portuguese already dwarf all the savings to tackle the deficit over the last year. A Greek bailout on top of that would be astonishingly unfair on British taxpayers and pensioners,” Carwell said to the Daily Mail.
The UK Chancellor of the Exchequer George Osbourne has made clear he doesn’t want to participate in another Greek bailout, but he may not have a choice.
Under the previous administration, the UK agreed to participate in the eurozone bailout fund, even though it is not a euro member. So the UK will be providing cash to Portugal through both the EU and IMF. It already has bilateral bailout deals with Ireland.
The Daily Mail estimates that, after the Portuguese bailout, the UK may be on the hook for as much as $23 billion.