Speaking at a joint press conference following talks in Prague on Wednesday, Czech and British prime ministers confirmed that they share the same position on Greece’s mounting debt. The two agree that under no circumstances should the European Financial Stabilization Mechanism (EFSM) be used for a second bailout for Greece.
Czech Prime Minister Petr Nečas (Civic Democrats, ODS) reiterated his government’s position on the Greek debt crisis, namely that the European Financial Stability Fund, which is for and financed only by members of the eurozone, should be used for a second bailout for Greece. British Prime Minister David Cameron agreed with Nečas and again proposed that Greece should turn to the International Monetary Fund (IMF) instead; he reaffirmed that the UK is not willing to contribute anything towards a second Greek bailout.
“First of all, Britain was not involved in the first bailout of Greece, that was something done by euro zone members after discussion of euro zone members,” Cameron said, adding that it would be “quite wrong” to ask Britain for help now. Cameron repeated that he had been assured by the German leadership that the EFSM would not be used for the second bailout. Nevertheless, the EFSM can be used if approved by a two-thirds majority, thus no EU member states have a veto and Britain would be required to contribute if a majority approves its use. ‘Our governments agree that it’s essential to find a new vision in the European Union that will lead to growth and competitiveness on international markets.’
Nečas stressed the Czech Republic and Britain share very similar views on priorities for the European Union: “Our governments agree that it’s essential to find a new vision in the European Union that will lead to growth and competitiveness on international markets. Therefore our economies require modernization and reforms,” Nečas said, adding that the two countries view “completion” of the internal EU market as a priority. “We must also concentrate on support for small and mid-sized businesses and the innovative potential of our economies,” he said.
From Prague, both prime ministers travel to Brussels where EU leaders are meeting to attempt to reach an agreement on tackling the Greek public debt crisis. With some commentators predicting a major fall out between Britain one side, and Germany and France on the other, Cameron undoubtedly welcomes any allies in opposition to using the EFSM for a bailout.
