Eurozone ‘threatens global economy’
Baku, October 3 (AZERTAC). Cameron, speaking on the first day of his party’s annual conference in Manchester, said there was little Britain could do to "insure" itself against what was happening on the continent
EUROPE must urgently fix its banks and deal with its debts, British Prime Minister David Cameron said yesterday, warning that the euro zone’s problems were threatening the global economy.
Any prolonged economic crisis in the rest of Europe, the UK’s main export market, would hurt Britain when the government is trying to rebalance a struggling economy and increase the sale of British goods and services overseas.
Mr Cameron, speaking on the first day of his party’s annual conference in Manchester, said there was little Britain could do to "insure" itself against what was happening on the continent.
"The euro zone is a threat not just to itself but also to the British economy, and a threat to the worldwide economy. Action needs to be taken in the next coming weeks to strengthen Europe’s banks, to build the defenses that the euro zone has, to deal with the problems of debt. They’ve got to do that now. They’ve got to get ahead of the markets now."
The Conservative-Liberal Democrat coalition government, in power since May last year, is increasingly concerned about a lack of growth in the British economy, with critics saying its tough austerity plan is only making matters worse.
But the coalition argues that dealing with Britain’s debts decisively is the only way to restore long-term growth and stability, and to also keep financial markets at bay.
Mr Cameron said he was not about to "tear up" Britain’s own deficit reduction plans, but said everything must be done to "fire up the engines of the British economy".
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