Responsible and sometimes critical comment on topical legal matters of general interest. This blog does not offer legal advice and should not be used as a substitute for professional legal advice.
Pro Aequitate Dicere
Tuesday, 14 July 2015
Is the UK in any way liable to pay up for the Greek bailout?
It is reported that the EU is now "demanding" that the UK joins in the Greece rescue package - Telegraph 14th July 2015 - where it is stated that: "EU officials this morning said that deal – arguably Mr Cameron’s
greatest diplomatic coup in Europe to date – had been assessed by
lawyers as nothing more than a “political” accord with no legal force."
Certainly there appeared to be political accord that the UK would not be drawn in but I have not been able to pin down any EU documentation clearly stating either that the UK is legally exempt or that there is a liability to pay. Such documentation may exist and, if so, I would be grateful if any reader is able to supply a link to it.
The rescue deal for Greece is, to say the least, draconian with very short timescales for the Greek government / legislature to act - see the Euro Summit Statement of 12th July 2015. It even requires Greece to put in place a new Code of Civil Procedure by 22nd July 2015.