Well what would happen is that if Greece defaulted and couldn't pay its debts, all the Greek bonds that are held in other banking systems across Western Europe would suddenly have no value. You could as a knock-on effect create a banking crisis in Western Europe.
John MajorWhat happens when there is a conflict between the Scottish parliament, if it was established, and the Westminster parliament? Who is supreme?
John MajorLet's turn British inventions into British industries, British factories and British jobs. Let them make pounds for us, not dollars marks or yen for others.
John Major