Under the current political "arrangement", Britain is 'insulated' from any future bail-out other than from our role as a member of the International Monetary Fund.
But it is important to remember this agreement does not invalidate Article 122 of the European Union Treaty, which would force any country to contribute to a bail-out on a majority vote.
It is estimated that should both Spain and Italy require a bail-out the total bill could be at least £1.4trillion.
The EU would contribute two thirds with the IMF contributing a third - Britain being responsible for 4.5% of this amount - around £21billion.
However, if the EU 'arrangement' were torn up, Britain would also be liable for 13% of the EU share of the bail out adding a further £120 billion to our liabilities, which would then add at least £141billion to our national debt - more than our annual deficit.
Something to remember when Gideon Osborne and David Cameron tell us more cuts, job losses, pay freezes; delayed retirement and higher taxation are needed to reduce our deficit.
Especially when the Greeks can retire at 52 and don't pay their taxes and the French have just announced they are lowering their retirement age back to 60 from 62.
So much for all in it together!
