Oral Answers to Questions

Debate between Rob Marris and David Lidington

Tuesday 14th July 2015 Commons Chamber

[Mr Lidington]

The events that have taken place in the eurozone over the last few weeks have confirmed our wish to see an ambitious programme of reform and renegotiation. In particular, they have demonstrated the need for Europe to work out a design for European co-operation that distinguishes between eurozone countries that will need to move towards closer integration over time, and member states that choose to stay outside the eurozone.

[Rob Marris (Wolverhampton South West) (Lab)]

Does the Minister share my assessment that the troika was wrong to bail out greedy and irresponsible bankers because its action has led to the immiseration of people in Greece?

[Mr Lidington]

I think that what is happening to ordinary families in Greece has been a tragedy, but I also think that there are two lessons to be learned. First, those who join a single currency must give up a fair amount of their independent decision-making power over economic policy. Secondly, any country that gets into serious debt will find it hard to do a deal with its creditors. That is why this Government’s intention of paying down the deficit and reducing the underlying debt is so important to our fortunes.