Downing Street Says

» Wednesday, May 16, 2012

Eurozone

Asked what the PM’s approach is on the issues facing Greece and the Eurozone, the PMS said that the PM would deliver a speech touching on these things the next day. The UK had been consistent on what was required: the Eurozone countries needed to address the problems with Greece, strengthen their banks and ensure a sufficient bailout fund was in place. After that, structural reforms were needed to increase competitiveness alongside greater fiscal integration.

Asked if the UK would provide money to support Greece if it left the Eurozone, the PMS said that there was a bailout mechanism in place, which the UK is not part of. It was for Eurozone countries to stand behind the Euro.

Asked when action would be needed, the PMS said that there was uncertainty in the Eurozone which was undermining confidence and the recovery. The sooner these issues were addressed the better.

Asked whether there was a need for a Council meeting to be brought forward, the PMS said that an additional informal Council meeting had been scheduled.

Asked whether the Government had a response to the Bank of England report revising growth forecasts down to 0.8%, the PMS said that the Bank of England was highlighting higher than expected inflation and the biggest risk to the economy, which was the situation in the Eurozone.

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Eurozone

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