It’ll cost EU,Every Brit may face £1,000 bill as euro bailout soars to $1TRILLION

23.01.2012 15:11

TheSun: BRITAIN'S bill for bailing out the euro could soar to £65BILLION — £1,000 for every man, woman and child.
The shock figure emerged as the International Monetary Fund unveiled plans for an $1TRILLION global rescue package.

IMF boss Christine Lagarde's proposal means finding an extra $600billion — or £390billion — to boost its existing $400billion fund. Britain's share of the bill could be £28BILLION.

Ms Lagarde's scheme sparked fury last night. One Westminster insider said: "She's like the Austin Powers villain Dr Evil holding the world to ransom — except this isn't funny."

The UK's new contribution would be on top of the £30billion we've already committed to the IMF and our £7billion loan to Ireland.

But Chancellor George Osborne faces a Conservative rebellion to stop it. Tory Peter Bone warned up to 80 Tory MPs might join a revolt — more than enough to defeat the Government if Labour vote against the new bailout.

He said: "Enough is enough. We are absolutely against putting money into countries where they are in the euro and have no way of devaluing their currencies."

Eurosceptic MP Douglas Carswell added: "George Osborne needs to get a grip. We backed Christine Lagarde to be head of the IMF — the French finance minister who presided over the mess that has seen her country lose its triple-A rating.

"Having put the debtor in charge of the IMF, she is now trying to fleece the British taxpayer for more money."

Mr Osborne has already said he is ready to ask Parliament to approve a top-up to the bailout fund if the IMF makes a strong case.

No10 refused to put an upper limit on it yesterday.
TOUGH credit ratings agency Egan-Jones downgraded Germany from AAA to AA-yesterday over the huge eurozone rescue bill it faces.