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Eurozone (Contingency Plans)

Part of Oral Answers to Questions — Communities and Local Government – in the House of Commons at 3:32 pm on 20th June 2011.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 3:32 pm, 20th June 2011

My right hon. Friend highlights the need for private sector involvement, and he will know that Chancellor Merkel and President Sarkozy agreed this weekend that there should be voluntary and private sector involvement in resolving the Greek debt. Some very strong accountability is attached to any future financial support for the Greek economy: a tough programme of privatisation, and structural reforms to improve its competitiveness. I emphasise to my right hon. Friend that although it is right that there should be private sector involvement, it is not in our interests for there to be huge turmoil in our largest trading partner, the European Union.