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 MajorA consensus politician is someone who does something that he doesn't believe is right because it keeps people quiet when he does it.
John MajorI thought I could do something different from any Conservative prime minister before me. But I couldn't.
John Major