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European Council

I think that what changed was that because we were not involved in the first Greek bail-out, we were able to make the argument that we should not be involved in subsequent bail-outs—particularly because, as we are not members of the eurozone, we were not involved in the design of the new package. None the less, we were at risk, because there were countries that wanted to push the EFSM and its use for Greece, but we ran a very strong diplomatic campaign, using every lever at our disposal to persuade our good friends and allies in Europe that it would not be fair for Britain to pay, and we achieved that. It was not an insignificant achievement, because it took quite a lot of negotiating heft to get it done.