Last year, George Osborne was honored with a perfect cover for his deficit-reduction plan. It was with the bailout of Greece by the European Union and International Monetary Fund (IMF) that gave him this chance.

And now the situation is that austerity is not working and Greece is again in crisis.

George Osborne has finally refused to exclude joining a second rescue. Following this, there are chances that the taxpayers could be balancing another billion-pound bailout for Greece.

According to experts, Greece may need to take cash support from the EU or International Monetary Fund and with this they might have to quit the single currency.

In this regard, the Chancellor yesterday has blamed his predecessor Alistair Darling for signing an agreement which stated that Britain could cough up again if necessary.

As told by Osborne at BBC’s Andrew Marr show, “We have to live with that. I can’t see us ever writing a cheque directly from the British taxpayer to the Greeks or the Portuguese”. According to Osborne, the Irish bailout had been always a unique one.

For rescuing Portugal’s failing economy, Britain has already paid out £1.3billion to Greece and £3billion to Ireland. There is news that UK could also be liable for around £4billion.