£1.75 trillion deal to save the euro

British taxpayers risk being caught up in a £1.75trillion deal aimed at saving the euro by allowing Greece to default on its massive debts.

The three-pronged deal would set up a massive fund to create a "firewall" around the most indebted eurozone countries, allow for an "orderly" Greek default on at least some of its liabilities, and bail out European banks most at risk from debt.

German and French officials came up with the strategy which aims to end the eurozone's sovereign debt crisis before it spirals completely out of control, plunging the world back into recession.

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