GEORGE NEGUS: Was it fact an accident waiting to happen economically?
CHRISTINE LAGARDE: Well it was, it was brewing so to speak. And we knew it because since January 2009 the country has been under notice within the Euro group where we share the same currency, the Euro, to put its house in order. GEORGE NEGUS: Are we looking at bailouts here? Are we looking at the EU having to bail out countries and could that have a domino effect then. That countries all over Europe could be falling into the same plate. CHRISTINE LAGARDE: Don’t forget the Euro was built ten years ago on the premise there would be no bail-out because everybody had to play by the same rules and had to respect the same discipline. In the case of Greece, there’s clearly been a failure to observe the discipline. And therefore we have this lack of credibility which is something the Prime Minister of Greece himself admitted. He said the major deficit that Greece has, is not a deficit of public finance, it’s a deficit of credibility. And he’s right. GEORGE NEGUS: So they’re going to have to fi
