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Wednesday, May 16, 2012

Eurozone Break-Up Warnings from Cameron

David Cameron will step up his warning to eurozone countries to sort out the present crisis and uncertainty as a matter of urgency.

He will tell business leaders in northwest England there are huge risks for economies throughout Europe, including the UK, if the crisis drags on.

Reinforcing his "make up or break up" message to MPs on Wednesday, the Prime Minister will say: "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 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."

Mr Cameron said it was in Britain's interest for the eurozone to sort out its problems, but whichever path was chosen, he was prepared to do whatever is necessary to protect Britain and secure its economy and financial system.

The Prime Minister has been accused of a U-turn over the eurozone crisis after declaring only a few weeks ago that the crisis was not nearly half way through. Read More