Cameron urges action to resolve Euro Crisis

(Manchester) – British Prime Minister, David Cameron urged Europe to sort out its currency crisis, calling on the 17-country eurozone “to make-up or it is looking at a potential break-up”. “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 uncharted territory which carries huge risks for everybody”, Cameron said in a speech in Manchester.
Cameron said that if Greece is forced out of the single currency union, the possible collapse of the eurozone poses huge risks to the U.K. economy but he said Britain was prepared to weather the fallout.
“Whichever path is chosen, I am prepared to do whatever is necessary to protect this country and secure our economy and financial system”, Cameron said.
The Prime Minister added that the danger for the eurozone laid in its peripheral economies such as Portugal, Spain and Italy and that these “high deficit, low competitiveness countries” in the eurozone need to cut spending, increase revenues and undergo structural reform.
“We all need to address Europe’s overall low productivity and lack of economic dynamism, which remains its Achilles heel”, Cameron added.