Germany refuses to let Greece off hook

The crisis in the eurozone was set to escalate on Monday night after the Germans said they could not write off Greek debts without offering financial assistance to Ireland, Spain and Portugal.

George Osborne, the Chancellor, on Monday urged Angela Merkel, the German chancellor, to consider backing down to ensure there was not a “disorderly exit” from the eurozone.

He said “the situation risks going from bad to worse” and warned that “Britain will be affected the longer the Greek crisis lasts and the worse it gets”.

He suggested Britain could fly planeloads of euro notes to Greece to assist stranded tourists.

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