William Bain
Main Page: William Bain (Labour - Glasgow North East)Department Debates - View all William Bain's debates with the HM Treasury
(14 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr William Bain (Glasgow North East) (Lab)
What assessment have the Chancellor and his counterparts in the eurozone made of the capacity of the European financial stability fund to withstand further calls on finance from Italy, Spain or Portugal? If the assessment is that the fund is not big enough, would he be prepared to see it increased?
Mr Osborne
As I say, I do not think that it is sensible for me to speculate about any other country in Europe or anywhere else in the world in the current environment. I would make two observations. One is that the IMF is well resourced and is now on the road to reform, so that it properly reflects the balance of economic power in the world. It is therefore well placed to deal with whatever situation emerges, in whatever part of the world. As for the eurozone stability facility, that has to be a decision for members of the eurozone. They contribute to the facility, and they have set aside a considerable sum of money—€440 billion.