Wednesday, June 6, 2012

Cameron discusses euro crisis with Obama

Prime Minister David Cameron and US president Barack Obama have agreed on the need for "an immediate plan" to resolve the eurozone crisis, Downing Street has said.

It came in a phone conversation between the two leaders on Wednesday night, ahead of the crucial G20 summit in Mexico later this month, where world leaders will again attempt to agree a way through the problems.

Chancellor George Osborne also took part in a "stock-taking" conference call with counterparts from the G7.

Meanwhile the Government welcomed new European Commission plans to protect taxpayers and avoid future bank bailouts as a "positive step" towards breaking the "too big to fail" culture of the European banking sector. The contacts come amid mounting fears over Spain's ability to raise funds on international markets at affordable levels.

Mr Cameron is due to visit Berlin, where he is expected to urge German chancellor Angela Merkel to push for tougher fiscal governance in the eurozone. Read More