G20

The hon. Gentleman raises a very important point, about which there was a long discussion at the G20. Of course I support what is in the communiqué—we fully agreed that. The problem we have is that there is sympathy for countries such as Argentina, which have tried to restructure their debt but then have vulture funds taking them to court in other countries and winning judgments that make it almost impossible for them to proceed and tip them into another technical default. The right position to take is not to override contract law and the way these things are dealt with in courts, because of course our whole system depends on that, but to try to find a workaround so that countries such as Argentina can get back on a proper footing.