Darling set to oppose euro bail-out plan
Chancellor Alastair Darling will today oppose any new bail-out plan for the European single currency that exposes Britain to the risk of massive handouts to debt defaulters.
He is attending emergency talks in Brussels designed to agree a new "European stabilisation mechanism" in another desperate attempt to convince world markets that the euro is a stable and credible currency.
One plan would allow the European Commission to borrow on behalf of a member state in financial trouble, using the EU budget as collateral.
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Hide AdThe other, opposed by Britain , would involve setting up an EU version of the International Monetary Fund, with all member states exposed to risk if a member state defaults on loans backed by its EU partners.