John Gilroy (Labour)

There is no point in codding ourselves. There is a great deal of irresponsible lending and many financial transactions taking place. We cannot accuse German taxpayers of being irresponsible. Germany is reaping the benefits of a series of reforms it introduced in the aftermath of the fall of the Berlin Wall. German taxpayers are frugal savers who will contribute 27% of the total of the fund. It has been argued that they should continue to contribute and bail us out.