Economic Situation: Greece

HM Treasury written question – answered on 18th September 2015.

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Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential fiscal effect on the UK of the government of Greece defaulting on its national debt.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

The UK government has no exposure to Greece through its euro area loans. The Government has secured a deal that protects UK taxpayers from any risk from financing euro area bailouts now and in the future. This deal gives legal force to the commitment secured in 2010 that UK taxpayers would not be drawn into a euro area bailout.

As a shareholder in the International Monetary Fund (IMF), the UK has an indirect exposure to Greece through the IMF’s overall lending. Our ultimate exposure to any IMF lending programme would be in line with our quota shareholding (around 4.5 per cent).

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