Cyprus

Chris Bryant Excerpts

Monday 18th March 2013 Commons Chamber

[Greg Clark]

Yes, but discussions and negotiations are taking place between Cyprus and the eurozone—and, indeed, in the Cypriot Parliament—on whether the proposals that were agreed over the weekend will be enacted. We have some way to go before we get to that stage and I will, of course, update the House if and when we get to that final stage.

[Chris Bryant (Rhondda) (Lab)]

I am amazed that the Minister is not more scandalised that thousands of ordinary Cypriots, in this country and in Cyprus, are going to lose money. Money will be filched from them when, frankly, the people who caused the problems—the Government of and the bankers in Cyprus—will not lose anything. Leaving that aside, how much British Government money from the Ministry of Defence and the Foreign and Commonwealth Office will be lost in Cypriot banks?

[Greg Clark]

I am scandalised that the situation in Cyprus was allowed to happen in this way. It should not have happened in terms of the supervision of the banking system or the country’s fiscal performance. We will not be able to make an assessment of our guarantee to the armed services until we see the final shape of the negotiations, but when we do I will make sure that the House knows about it.