Cyprus

Stephen Mosley Excerpts

Monday 18th March 2013 Commons Chamber

[Greg Clark]

Not having been part of the negotiations, it is difficult for any Member of this House to know what the alternative was. The elected representatives of the Cypriot Government clearly accepted what was proposed in contemplation of a fate that they considered to be worse, which was the collapse of the Cypriot banking system. This is a situation that none of us wants to be in. Thank goodness that in this country, as a result of being outside the eurozone and having introduced discipline into our finances, we are not going to be.

[Stephen Mosley (City of Chester) (Con)]

We may well find that some of the biggest British losers are people who are in the process of buying or selling property in Cyprus. Can the Minister offer any reassurance to people who may have lodged money with a solicitor in an escrow account, for example, that the solicitor will be responsible for the losses and not the person who is trying to buy a property?

[Greg Clark]

My hon. Friend raises an important point. I have made a commitment to the House to provide further statements once we have more detailed information on how all these arrangements are likely to apply.