The Debts of the Spenders: UK Rejects EU Bailout Fund

More to come later. This is a developing story.

EU leaders are worried that financial markets will continue to lack confidence in countries with high deficits.

Officials and diplomats in Brussels hope that a stabilisation mechanism will calm the international markets' fears about default in Europe.

But the loan guarantees are too much for the UK to swallow, and the UK Treasury will have nothing to do with them. Without the UK onboard the package looks pretty thin.

http://www.abc.net.au/news/stories/2010/05/10/2894423.htm?section=justin