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EU Council

My Lords, it is not just diplomatic to say that these are issues that Greece and the other countries of the eurozone need to sort out; it is common sense. My noble friend's gloomy view may come to pass, but we should all fear that. There is a chilling effect on the economy already because of the crisis in the eurozone, and it would be considerably worse if there was a real banking problem in the whole of the eurozone and the whole of Europe, which would leak into us. Therefore, we urge the countries of the eurozone to solve their problem. With the intergovernmental treaty, we have given them the best opportunity to do so.