EU Races To Avert Greek Default

The Daily Telegraph reports:

European Union leaders gather in Brussels today keenly aware that they are in a race against time to stop Greece defaulting on debt and preventing the euro from collapse over the next week.

Over a dinner tonight, the EU will begin negotiations on a second bailout for Greece, expected to be at least €120bn (£107bn) with €60bn from taxpayers, in a dash to make a deadline of a 11 July meeting of EU finance ministers.

David Cameron has drawn a red line and refused to become involved in a “Greece II” rescue package in a battle with the German Chancellor who insists that a British contribution will be necessary.

“We were not involved in the first Greek bailout, we are not members of the eurozone and we are not going to become members of the Euro zone as long as I'm standing here,” he said yesterday.