Brussels, 24/06/2011 (Agence Europe) - Prime Minister David Cameron expressed satisfaction on Friday 24 June that Britain would not be financing the European Union bailout of Greece. Speaking to reporters after the summit in Brussels, Cameron also underlined that it was important for the EU to strengthen the banking sector to help defend against future economic strife. “We were not involved in the first Greek bailout, we haven't been involved in talks about a potential Greek bailout, so I believe it is absolutely right not to use the European Financial Stability Mechanism (EFSM) for future payments in terms of Greece”, he said.
This means that some €11 billion in the EFSM cannot be touched to help Athens deal with its debt crisis. “I wanted to seek assurances at this European Council that Britain wouldn't be called on to do that. I sought those assurances, and I have received those assurances, but nevertheless I will continue to be vigilant on this issue”, he said. “All European countries need to use the time that they have to strengthen banks and bank balance sheets, and make sure they are meeting all of the requirements so that they are strong and can withstand any problems and difficulties”, he added.
Cameron said that Britain wanted the eurozone to be successful and to grow, but that his country would never join the 17-nation single currency area. “There are times when different countries need different interest rates and we need to have that flexibility. Now is exactly that sort of time”, he said. “Certainly as long as I am doing this job there is no possibility of Britain even contemplating joining the euro”.
The British leader also criticised the EU's plans for a new Council building in Brussels. “We must make sure it is done with economy and efficiency at a time when we are having to make spending reductions at home. Our voters, our constituents, our publics want to see the European Union saving money, not spending money”, he said. He said the current building was doing a perfectly good job, noting that the food wasn't bad either. He said it was important for Europe's leaders not to be seen as living in a “gilded cage”.
Turning to Libya, Cameron, whose country has led strikes against Colonel Muammar Ghaddafi's regime, said the EU was showing “real unity of purpose and political wil” in staying the course. “We must be patient, and we must be persistent. I think that the time pressure is on Colonel Gaddafi and his regime, it is not on us”, he said. He urged his EU partners to fully back the Transitional National Council, saying that its members were not Islamists or extremists and that they wanted a united, democratic Libya. (LoC)