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 Lea of Crondall Lord Lea of Crondall Labour 6:50 pm, 21st May 2012

The noble Lord has painted a fascinating scenario, but how does he get out from under the problem he referred to whereby, in a sense, the demagogues fail to acknowledge that the real fall in living standards would be a lot greater in the drachma devaluation scenario than in the internal devaluation of taking more medicine in the eurozone?