European Union: Debts

Lord Newby Excerpts

Tuesday 8th June 2010 Lords Chamber

[Lord De Mauley]

My Lords, so far as I am aware, despite the best efforts of noble Lords opposite, there is a quite remarkable degree of agreement between the two parties of the coalition.

[Lord Newby]

My Lords, does the Minister agree that it is in the UK’s national interest, as well as that of Greece, that collective action has been taken by the EU to prevent the complete collapse of the Greek economy?

[Lord De Mauley]

My Lords, I quite agree with my noble friend. We must be alive to the risks that the current uncertainty poses because of financial-sector linkages well beyond the euro area. The UK’s support for the €60 billion euro element of the package represents a sensible position that strikes a balance between UK support and the need for the euro area to take the lead in resolving these problems.