Ms Fiona Ralph:

This is speculative so I do not really want to get into the details. You have the EU budget as it exists. In the extremely unlikely case of a call on the default, you are going to look at the various measures available before calling in additional funds from member states. The European Commission mentioned earlier that it will always owe member states money at different points in time. One extremely speculative option is that it could use that to net that off. There are a lot of different options you can take in your overall budget with regard to how you are going to spend the money you have to meet the financial obligations you have.