Czech Republic not to help bailout Greece

24-06-2011

The Czech Republic will not be contributing to a second bailout package for Greece. Confirmation of the news came after late-night talks at an EU leaders' summit in Brussels, at which it was agreed that the joint rescue effort would not involve any commitment from non-eurozone countries. The Czech Prime Minister Petr Nečas joined his British counterpart David Cameron in opposing a broad EU rescue effort via a European Financial Stability Mechanism which would have committed all 27 member states to provide loan guarantees. The Czech Republic has in the past taken on such guarantees for Ireland and Portugal but the authorities consider a similar service to Greece to be a much bigger risk.