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 MajorIf you look at things that really affect people's lives - sport, the arts, charities - they were always at the back of the queue for government money - health, social security, defence, pensions were all way ahead. And each of those areas - sports, the arts, the lottery - got relatively petty cash from the government.
John Major