But the European Commission warned that any Greek administration will have to honour the austerity policy agreed as part of multibillion-pound EU-IMF bail-out
packages to keep Greece afloat.
Countries that could no longer finance their debt on the financial markets would do so through EU-led bail-outs
5 percent of Lloyds, and all of Northern Rock - after billions of pounds of taxpayer bail-outs
Summary: LONDON - Government bail-outs
of the worldAEs big banks pose a threat to free trade, Pascal Lamy, head of the World Trade Organisation (WTO), told the Financial Times newspaper in an interview on Monday.
MELTDOWN: A FREE-MARKET LOOK AT WHY THE STOCK MARKET COLLAPSED, THE ECONOMY, TANKED, AND GOVERNMENT BAILOUTS WILL MAKE THINGS WORSE presents the real issues behind the collapse, pinpointing Washington attitudes, politics, and decision-making processes likely to be made worse by federal bail-outs
Budget documents show taxpayer losses from UK bank bail-outs
could hit pounds 50 billion.
However it called on the Commission to closely monitor other bail-outs
The company has rejected the offer despite its claims that it will run out of money before Christmas, and is currently lobbying in America and Europe for cash bail-outs
Despite three government bail-outs
since 1997, it is still losing money; it lost Euro 620 million in the first half of 2004.
Treasury Secretary Larry Summers, admits, "[A]gainst the background of the official rhetoric of 'no more bail-outs
' and not having the taxes of American 'carpenters and plumbers' pay for the bail-out
of poorly performing emerging market economies, the reality of the new political and strategic interest of the United States and the other G7 countries has emerged.
But if you include "subsidies, bail-outs
, giveaways, inflated government contracts, tax loopholes, and forgiveness of corporate debt, aid to dependent corporations" is easily up to $200 billion, he said.
: There are interna-tionally recognised rules for such bail-outs
, they are shared by the countries based on the activity within their borders.
What about the Royal Bank of Scotland and Lloyds Banking Group, now part-nationalised after billion-pound taxpayer bail-outs
The state holds a stake of 83% in RBS and 40% in Lloyds following their bail-outs
during the financial crisis.