With Portugal being the third EU country to ask for financial help,how long before the UK gets dragged into the mire?

I recall warning about this eventuality some time ago when Ireland was about to bailed out and it's all looking much like the banking crisis all over again with the countries playing the role of banks, whereby none of them will tell each of their true financial position and always hesisant about lending any money for fear that they may never get any monies back. I am now warning that Spain could be next in this domino effect and if thet were to happen, it will prove that the UK should never even contemplate about joining the EURO currency. The whole project is much more political union rather than monetary union which brings me nicely to my next point. The UK government should stand firm and object to any participation of a £60 Billion bail out.This would be absurd and would confirm how weak and feeble the UK government towards the European Union. If you are not in the Euro-zone of currencies and you have more pressing concerns at home to sort out imemdiately and into the future you politely decline. What could the EU possibly do? Perhaps make tentative threats to kick us out of the EU? That would be the best possible gift! I rest my case!

I don't know why we always give out millions to countries in trouble. Surely the UK should get its own economy sorted out first and then see about helping others. As for the UK getting dragged into the mire ..... the UK is already in the mire, in it right up to the neck and sinking. Portugal, then perhaps Spain, then UK.

Who can we ask for financial help to get our crumbling economy back on track...us tax payers are getting fed up with being asked, sorry told to help and with no positives in sight perhaps the PM should go cap in hand to Obama......

I see where you're coming from, Tigger, my first reaction is that we didn't join the Euro (thank God) so why should we bail out countries in the Euro-Zone?

I can only assume that our contribution is judged to be in our longer term interests as it won't help us if Europe goes belly-up.

The comments below are typical of most people in this country, but are, I'm glad to report, entirely incorrect (although that may annoy a few of you Eurosceptics who would like to you this as a reason to pull out of the EU).

The UK categorically IS NOT loaning money to Portugal (Unlike Ireland when we have unilaterally decided to offer financial assistance). We are acting as guarantors. I'm sure many of you will have acted as guarantors for your kids/had your parents act as such for you, and it doesn't cost you a penny. This deal will not cost the UK economy any money, so stop using this as an excuse to Euro-bash please!

I never suggested we were giving money to Portugal. All I'm saying is, when anyone else is in trouble, we seem to be near the front of the queue to help....ho hum

We also offer financial assistance to countries who aren't in trouble, it's called overseas aid. Some of these countries economies are in more robust health than our own!!

I don't think we will get dragged into the mire but I do think that many nations within Europe will begin to question the validity of a single currency and being controlled from a central bank. One rule doesn't fit all is what is becoming evident.

The decison by the European Central Bank to increase interest rates was bad news for the struggling economies of Greece and Ireland and now Portugal and given this increase how many more bad apples will be revealed?

From the papers, I note that it's likely to cost us £3 billion. If Portugal want it, they can darn well sell us some nice beaches and some orange groves in return for the money, as collateral against its repayment.