Alan Duncan predicts partial Greek default
James Forsyth 2:41pm
On Any Questions, Alan Duncan—a minister of state at the Department to International Development and a longstanding ally of the Foreign Secretary William Hague—has just predicted a partial Greek default. He told the programme that ‘I guess what’s going to happen is there will be a partial default and some kind of agreement’.
There have long been rumours in Westminster that the British government’s position was now to—in private—push for an orderly default. Indeed, George Osborne’s comment in his Telegraph interview today that the eurozone “need to end this endless speculation about Greece — they have got to come to a decision and stick to it” implied that. But ministers have previously avoided commenting directly on whether or not Greece would default on the grounds that it was not appropriate for the government to speculate. Duncan has just ended that strategy.
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denis cooper
October 1st, 2011 3:41pm Report this commentAlan Duncan may be prepared to predict a partial default by Greece, but he's also holding to the Tory line that we must do everything we can to Save the Euro.
Even though it should be obvious to anyone of average intelligence who's prepared to look ahead that the survival and continued expansion of the eurozone would be a deadly threat to our long term national interests.
Which, I can't help feeling, was why Major was prepared to allow EMU to go ahead, anticipating that as eventually we would be pushed into giving up our "opt-out" and joining the euro then he would get his true wish in due course.
What is it about the Tory party, that it keeps breeding people who really have to be recognised as traitors to their country?
Y Rhyfelwr Dewr
October 1st, 2011 4:59pm Report this commentWhat the hell is a "partial" default?
Either Greece pays its debts, or it doesn't. If it refuses to pay some of its debts, it's still in default. If it continues paying some of its debts, it still won't get credit in the international markets, and the Euro will still be screwed.
Which does raise the question of why Greece would consider only defaulting on some of its debts. The consequences would be the same, and no less dire. So, on the principle that it's better to be hanged for a sheep than for a lamb, why not repudiate the whole lot of them and start over with a clean balance sheet?
Alan Duncan may be talking more sensibly than the government has done in the past, but that doesn't mean he isn't talking crap.
In2minds
October 1st, 2011 6:51pm Report this comment@Y Rhyfelwr Dewr - Why are you confused about a "partial" default?
Also you say - "Alan Duncan may be talking more sensibly than the government has done in the past, but that doesn't mean he isn't talking crap".
When it comes to crap do remeber the line by the man who is now our Foeign Secretary, he said -
"to be in Europe but not run by Europe"
This is the Tory party talking about EU related matters after all so crap it is!
Noa.
October 1st, 2011 6:56pm Report this commentA statement of the obvious; like the fact that the Pope is a Catholic and Winter follows Autumn.
TomTom
October 2nd, 2011 10:52am Report this commentAlan Duncan is amusing. It is all Semantics. They are trying to get Greece to default on its private sector debt by having taxpayers guarantee the private sector debt through EFSF - take a look at Paul Achleitner's Plan (Allianz/PIMCO) which is just this notion.
Partial Default is an apparent haircut for private sector banks compensated by taxpayers using EFSF and ECB securities to compensate. It is the Brown Bailout Plan on a Euro Scale.....from the series Pathways To Penury !
Maddy1
October 2nd, 2011 12:54pm Report this commentTomTom
October 2nd, 2011 10:52am
Last weeks AQ. BBC R4. trash comments from trash people out of ther depth!
Can you give us more details! How will it work for the Greek Economy?
Epsilon
October 3rd, 2011 12:25am Report this commentAlan Duncan should be listened to on this; he is an expert on Greek matters.
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