Downing Street Says

» Monday, October 3, 2011

Europe

Asked if the Chancellor was going to ECOFIN with any particular message, the PMS said that he had set out the arguments he would make in an interview that morning. The PMS summarised the Chancellor’s words, saying that the Eurozone needed to increase the size and firepower of their financial fund for bailouts (a fund that the UK would not be a part of), they needed to deal with their weak banks (as Britain has), that they needed to decide what they are doing with Greece and stick to that decision, and finally, on the timetable, the Chancellor said that Europe needed to deal with this now, with urgency.

Asked if the UK would contribute if the EU fund appealed to the IMF, the PMS said that Britain would uphold its longstanding commitment to the IMF, but that it would not be part of a new, specific, eurozone bail out fund.

Asked for the Government’s response to Greece’s announcement about not meeting its deficit plans, the PMS said it was not for us to dictate to them what should happen, but the Chancellor had set out a strong position regarding what he thinks about the Eurozone and the current situation.

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Europe

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