G8 and NATO Summits

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 12:41 pm on 23rd May 2012.

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Photo of David Cameron David Cameron The Prime Minister, Leader of the Conservative Party 12:41 pm, 23rd May 2012

Of course I agree that Greece is an important ally. Relations between Britain and Greece are very strong, and the historical analogy the hon. Gentleman draws is absolutely right. I do not agree, however, that the problems in Greece are caused only by the euro or by the banking crisis. There are deep and profound problems in the Greek economy that need to be dealt with. There must be the right combination: there need to be deficit reduction plans; there needs to be an active monetary policy; there need to be reforms to the eurozone; and there need to be structural reforms. In the end, however, it will be for the Greek people to decide whether they want to do these things inside the eurozone our outside the eurozone. Clearly, a disorderly exit would be very bad for Britain, and we should do everything we can to avoid that, but we need to plan for every eventuality and have proper contingencies in place.