Thursday 17 May 2012

UK's Cameron urges action to resolve euro crisis

(AP) ? British Prime Minister David Cameron is urging Europe to sort out its currency crisis, calling on the 17-country eurozone to "to make-up or it is looking at a potential break-up.

In a speech prepared for delivery on Thursday, Cameron warns that should Greece be forced out of the single currency union, the possible collapse of the eurozone poses "huge risks for everybody."

Cameron says: "Either Europe has a committed, stable, successful eurozone with an effective firewall, well capitalized and regulated banks, a system of fiscal burden sharing, and supportive monetary policy across the Eurozone. Or we are in unchartered territory which carries huge risks for everybody."

Meanwhile, the government's business minister, Vince Cable, cautioned against panic, saying there was no reason why the Greek crisis should spread to other countries.

Associated Press

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