British FM hails EU rescue plan
British finance minister Alistair Darling said a huge rescue package for crisis-hit euro countries was "a very good deal for Europe" on Monday.world Updated: May 10, 2010 13:24 IST
British finance minister Alistair Darling said a huge rescue package for crisis-hit euro countries was "a very good deal for Europe" on Monday.
He was speaking after European politicians agreed a deal worth over €750 billion (a trillion dollars) to stabilise the eurozone, which has been hit hard by the financial crisis in Greece.
"Overall it is a very good deal for Europe, for all of us in Europe, but also in the wider world it is an example of how international communities can work together," Darling told BBC radio.
Britain did not support an EU bailout fund as it is not a eurozone country but Darling said Britain's exposure through a loan agreement could be up to eight billion pounds if there were 100 percent default.
"In relation to the overall position, the reason why I wanted to get a European-wide deal is precisely because we are part of Europe, our biggest export market is in Europe, it's in our banks' interest that we get this," he said.
First Published: May 10, 2010 13:22 IST