Downing Street Says

» Friday, November 4, 2011

Eurozone

Asked how exposed the UK will be to the eurozone bailout fund, the Prime Minister’s Spokeswoman (PMS) said the Prime Minister and Chancellor could not have been clearer about the fact that we are not going to bail out the eurozone. The PMS said that the UK contributes to the International Monetary Fund (IMF) which can’t support currencies; it can only support countries. The PMS said the eurozone has got to stick to the deal that it has now and back the currency, as the Chancellor said in interviews this morning.

Asked about concerns by back bench MPs that supporting the IMF will mean bailing out the eurozone by a different route, the PMS said that we rely heavily on the eurozone as important trade partners and that it was therefore incredibly important to the UK that eurozone countries agree a deal to sure up its currency. The PMS said the Prime Minister has been clear that we are not going to bail out the eurozone or part of the bailout fund currently on the table.

Asked if the Prime Minister would prevent IMF money being used to help individual eurozone countries, the PMS said the UK is a shareholder in the IMF, and the IMF is already supporting eurozone countries. The PMS said the Prime Minister has made it clear that Britain does not lose money by putting money into the IMF. She said there is no exposure to taxpayers by being in the IMF.

Asked how concerned the Prime Mister was by events in Italy, the PMS said the Prime Minister echoes the Chancellor who said it is concerning. The PMS said it’s important that the eurozone stick to the deal on the table now, and that we will see what the outcome is today of the ongoing talks at the G20.

Asked if the Government thinks using the European Central Bank would be a better solution than the Special Purpose Vehicle proposed to bailout the eurozone, the PMS said the Government wants to see the deal that’s currently on the table delivered.

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Eurozone

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