Greece

Baroness Falkner of Margravine Excerpts

Monday 29th June 2015 Lords Chamber

[Lord Ashton of Hyde]

The noble Lord may be surprised to know that the Government do not agree with that analysis. I know that he has certain views. Austerity per se is not the cause only of the Greeks’ predicament. It has been a long time coming, and other European countries have dealt with it in a possibly more effective way. Austerity alone is not the answer, but nor is leaving the euro. We need to help the Greeks negotiate a position where they can face the future with a bit more optimism, and I am sure that the noble Lord will join me in that.

[Baroness Falkner of Margravine (LD)]

The noble Lord has accepted that the United Kingdom is exposed through the IMF to a Greek default or Greece being in arrears. He has not given us a figure, but the Times this morning said that Greek indebtedness to the IMF was to the tune of about €21 billion. Will he tell the House what specifically the United Kingdom exposure would be in that regard?

[Lord Ashton of Hyde]

I do not have the exact total number, but I am told that it is about 15% to the IMF.