Thu, May 17, 2012
LONDON, May 17 (Xinhua) -- British Prime Minister David Cameron on Thursday warned about the critical situation of the eurozone, and called on European leaders to sort out the present crisis.
Cameron said in a speech to British business leaders that "The eurozone is at a crossroad. It either has 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." Cameron warned, "or we are in unchartered territory which carries huge risks for everybody."
The warning came ahead of a video conference by Cameron and the new French president Francois Hollande, German Chancellor Angela Merkel and Italian Prime Minister Mario Monti later, on which the four European leaders will discuss the eurozone crisis together for the first time.
Financial Times said the remarks could possibly infuriate European leaders, who believe that comments from the sidelines are unhelpful.
Francois Hollande, France's new president, has accused Britain of treating the EU like a "self-service restaurant."
Hollande and Cameron are expected to meet in Washington this weekend, before a G8 summit.
Cameron also said in the speech that it is in Britain's interest for the eurozone to sort out its problems, and declared he is prepared to do whatever is necessary to protect Britain's economy and financial system.
Again he insisted Britain should stick to the austerity policies as this is the "right direction."
"We cannot blow the budget on more spending and more debt. It would squander all the progress we've made in these last two, tough years." Cameron underlined.
