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David Cameron: Debt crisis in eurozone threat to world economy

03 October 2011 08:06 (UTC +04:00)

Baku - APA-Economics. UK Prime Minister David Cameron has warned that it would be â€œvery badâ€ for the UK if the eurozone was to break up, APA reports quoting BBC.

Speaking to the BBCâ€™s Andrew Marr Show, he said the debt crisis in the eurozone was â€œa threat not just to itself, but also a threat to the UK economy, and a threat to the world economyâ€.

He reiterated that eurozone leaders had to take quick and decisive action.

Mr Cameron said that, as 40% of UK exports went to the eurozone, it could not shield itself from the problem.

The prime minister said the UK government had â€œa very clear viewâ€ of what needed to be done, and that it was pushing this with its partners in Europe and the International Monetary Fund (IMF). He said eurozone leaders had to strengthen the regionâ€™s financial mechanisms, ensure the greater involvement of the IMF, and deal decisively with the high levels of sovereign debt. Mr Cameron added: â€œAction needs to be taken in the next coming weeks to strengthen Europeâ€™s banks, to build the defenses that the eurozone has, to deal with the problems of debts decisively.â€ He said these emergency measures were needed before any long-term plans of more economic coordination across the eurozone were introduced, such as a single tax system.