Euro Area Crisis: EUC Report — Motion to Take Note

Part of the debate – in the House of Lords at 6:50 pm on 21st May 2012.

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Photo of Lord Davies of Stamford Lord Davies of Stamford Labour 6:50 pm, 21st May 2012

I agree with the noble Lord's analysis entirely up to now. However, does he agree with me that if the drachma collapsed, as it certainly would, everybody would want to borrow in it and have their liabilities in drachmas and their assets in euros, and that that would be part of the problem?