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UK chancellor warns of Greek debt crisis fallout

11 February 2015 02:50 (UTC +04:00)

"It’s clear that the risk to the world economy, the risk to the British economy of this standoff between the eurozone and Greece, is growing each day," said Osborne during an in interview with Bloomberg Television in the Turkish city of Istanbul on Tuesday.

There is growing danger that the deadlock over Greece’s bailout program could spin out of control, he added.

“The risks of a miscalculation or a misstep leading to a very bad outcome are growing as well,” the chancellor added.

Osborne was in Istanbul to attend the G20 finance ministers and central bankers meeting.

Osborne’s comments followed an emergency meeting on Monday held by British Prime Minster David Cameron with senior Treasury and Bank of England officials to discuss plans to prepare the UK for a Greek eurozone exit.

"We need to be prepared to deal with uncertainties in financial markets,” said Cameron’s official spokesman.