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Monday, May 14, 2012

''Britain to share costs of Greek exit''

From The Telegraph

''The funds would come from Europe's rescue machinery but costs would be shared among all 27 EU members – not just the eurozone – on the grounds that Greece has a right to Brussels crisis funds, like any other member state with its own currency.

The scheme aims to contain fallout from a Greek exit and "limit the losses of the European Central Bank" on the country's bonds.

The plan, leaked to Germany's Der Speigel newspaper, was disclosed as markets braced themselves for another week of drama, with fears of an EMU break-up and a banking crisis in Spain infecting confidence across the world.''

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