Finance

Finance

Cameron recommends Greece to stay in the eurozone

17 May 2012 09:56 (UTC +04:00)

Baku - APA-Economics. Prime Minister David Cameron will on Thursday renew his call for eurozone leaders to take decisive action or face the break up of the single currency over the Greek debt crisis, APA reports citing AFP.

Cameron warns in a speech, to be delivered to business leaders in Manchester that the eurozone, "either has to make up" or risk collapse, according to extracts released by his Downing Street office.

"Either Europe has a committed, stable, successful eurozone with an effective firewall, well capitalised 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," he was to warn.

Cameron repeats his own commitment to austerity, as Britain seeks to slash its public-spending deficit.

"Now more than ever this is the time to stand firm," he says in his prepared speech. "We must resist dangerous voices calling on us to retreat.

"We are doing everything we can to return this country to strong, stable economic growth but no, we will not do that by returning to the something-for-nothing economics that got us into this mess.

"We cannot blow the budget on more spending and more debt."