THE DAILY TELEGRAPH: British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.
As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.
Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis.
The Treasury confirmed earlier this month that contingency planning for a collapse is now under way.
A senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time.
“It’s in our interests that they keep playing for time because that gives us more time to prepare,” the minister told the Daily Telegraph.
Recent Foreign and Commonwealth Office instructions to embassies and consulates request contingency planning for extreme scenarios including rioting and social unrest. » | James Kirkup, Deputy Political Editor | Friday, November 25, 2011
THE GUARDIAN: Eurozone looks to International Monetary Fund as contagion spreads: • Italian and Spanish bond yields reach new highs • Belgium downgraded by S&P credit-rating agency » | David Gow in Brussels and Giles Tremlett in Madrid | Friday, November 25, 2011
