Speaking to the BBC today (27 October), chancellor George Osborne pledged that the agreement reached between policymakers and banks across the continent will not be actively supplemented by funds from Britain.
However, Mr Osborne insisted this decision will not have any impact on the country's commitment to the International Monetary Fund (IMF).
"We are not going to contribute to the eurozone bailout, but we are members of the IMF ... we aren't turning our backs on the IMF," he noted.
The minister - who is also MP for Tatton - went on to say that the UK has no problem with contributing to resources put together by the IMF, but will have no role in a direct rescue of the eurozone as this would not be the correct policy direction to take.
By Asim Shah