He spoke as Greece’s parliament prepared to hold a crucial vote on whether to submit the country to unpopular austerity measures demanded as the price for funds to prevent the euro zone’s first sovereign default.
“Britain is not (a member) of the euro zone and so we are not giving a running commentary on what they should do and on how they use their financing mechanisms,” Cable told Sky News.
“But clearly we are not insulated. If there were a disorderly collapse in Greece it would affect us directly through trade and indirectly through the banking system, so it is important that this problem is resolved and the combination of measures that’s put in place will give Greece time to deal with this very, very difficult problem that they have,” he said.
Prime Minister David Cameron said last week he had received assurances that Britain would not be asked to contribute to any new bailout of Greece being discussed by European leaders.
