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European Council

Part of Oral Answers to Questions — Work and Pensions – in the House of Commons at 3:30 pm on 24th October 2011.

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Photo of Michael Connarty Michael Connarty Labour, Linlithgow and East Falkirk 3:30 pm, 24th October 2011

With some financial analysts saying that banks holding sovereign debt might have to take a 25% to 60% write-down on that, can the Prime Minister elucidate for the benefit of the House what he means by a “financial firewall big enough to contain any contagion”, and say whether he thinks that the IMF needs to be involved and that the problem cannot be solved in Europe?