Greece

Debate between Lord Bourne of Aberystwyth and Lord Dykes

Thursday 12th February 2015 Lords Chamber

[Lord Dykes]

To ask Her Majesty’s Government what proposals they intend to put to today’s European Council summit on the future of deficit reduction policy in Greece.

[Lord Bourne of Aberystwyth (Con)]

My Lords, a stand-off between Greece and the eurozone is the greatest risk to the global economy. We urge Greece to act responsibly, and it is important that the eurozone has a better plan for jobs and growth. The best way to insulate the United Kingdom economy from any such instability is to stick to our long-term economic plan, with the United Kingdom forecast to be the fastest-growing major advanced economy in 2014.

[Lord Dykes (LD)]

I thank the Minister for that Answer. I hope he will agree that there is no need for HMG to be deterred by yesterday’s set-back. According to his Answer, there is still now ample opportunity for HMG to have a leading role as a leading member state of the EU in reconciling the huge sacrifices made by Greece—with eight parliamentary votes in favour of massive austerity—with the continuing need for eurozone cohesion and discipline. Will he promise that the Government will make an extra input into this effort?

[Lord Bourne of Aberystwyth]

My Lords, the settlement of the issue is primarily for the eurozone and Greece. However, we note that yesterday there were intense discussions among eurogroup Finance Ministers. According to the chairman, the Dutch Finance Minister, Mr Dijsselbloem, they progressed with intense discussions which covered a lot of ground. We remain hopeful of a positive outcome.