LORD LAMONT: BAIL-OUTS A DISASTER
Lord Lamont in his time as Chancellor
Friday December 2,2011
By Daily Express Reporter
EMERGENCY bail-outs to support the failing euro are becoming “potentially disastrous”, former Chancellor Lord Lamont said yesterday.
The senior Tory peer warned a House of Lords committee that attempts to keep Greece and other debt-hit nations in the single currency system were failing and risking economic meltdown.
Lord Lamont, who was Chancellor when Britain crashed out of the European Exchange Rate Mechanism on Black Wednesday in 1992, said the cost of euro zone bail-outs had now reached £400billion.
He added: “Departure from the eurozone of one member or several members would be highly complex and could be extremely expensive.
“But the costs of the euro remaining as it is are becoming astronomical and are becoming potentially disastrous.”
Another former Tory Chancellor Lord Lawson said the eurozone “disaster” was “predictable and predicted”.
He advocated the dissolution of the currency.
The costs of the euro remaining as it is are becoming astronomical and are becoming potentially disastrous.
But former Lib Dem leader Lord Ashdown repeated his controversial claim that Britain should have joined the euro a decade ago.