Audio By Carbonatix
Prime Minister David Cameron has warned that it would be "very bad" for the UK if the eurozone was to break up.
Speaking to the BBC's Andrew Marr Show, he said the debt crisis in the eurozone was "a threat not just to itself, but also a threat to the UK economy, and a threat to the world economy".
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 "a very clear view" 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 region's financial mechanisms, ensure the greater involvement of the IMF, and deal decisively with the high levels of sovereign debt.
Mr Cameron added: "Action needs to be taken in the next coming weeks to strengthen Europe's banks, to build the defences that the eurozone has, to deal with the problems of debts decisively."
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.
Greek fears
European stock markets again fell heavily on Friday due to concerns about the debt crisis in the eurozone.
It meant that for the three months from July to September, the main UK share index, the FTSE 100, recorded its biggest quarterly fall since 2002.
The concerns centre on Greece, the most indebted eurozone nation.
Greece needs its next 8bn euros (£6.9bn; $10.9bn) instalment of European Union (EU) and International Monetary Fund (IMF) bailout loans by the middle of this month to be able to continue paying its civil servants and teachers.
This tranche was delayed in September after EU, IMF and European Central Bank officials said the Greek government was not carrying out sufficient austerity measures.
The wider fear is that Greece will ultimately default on its debt payments, and of the knock-on effect this would have on banks across Europe which own Greek government bonds.
Some commentators also warn that Greece may ultimately have to leave the eurozone, plunging the region's economic and political systems into chaos.
Eurozone leaders and the IMF are now continuing to work on a solution to the debt crisis, with French President Nicolas Sarkozy and German Chancellor Angela Merkel due to speak again this week.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
GPL 2026/27: Medeama ease past Basake Holy Stars
5 minutes -
Appiah Adomako writes: Why DVLA must stop treating every expired licence holder as delinquent
9 minutes -
Localization must transfer decision-making power, not just project responsibilities
18 minutes -
Modernising Ghana’s traditional markets through the 24-Hour Economy markets initiative
20 minutes -
New economy will boost local production and create jobs – Finance Minister
26 minutes -
Real-Time VAT on cross-border digital services – not a new tax and does not violate double taxation principle
1 hour -
Digitalisation, AI key to Ghana’s tourism transformation – GHATOF
1 hour -
Stronger GTA-private sector partnership needed to grow tourism – GHATOF
2 hours -
Amazon eyes Ghana for broadband expansion after talks with Mahama
2 hours -
National Investment Quiz 2026: Six schools qualify for quarter-finals
3 hours -
‘Do not let Russia pay for its madness with lives of your people’ – Zelensky to Ghana, 46 other countries
3 hours -
6,079 promotion cases fully processed and paid – CAGD says amid nationwide teachers’ strike
3 hours -
Teacher unions to meet government Monday over nationwide strike
4 hours -
Photo story: Republic Bank-JoyNews Habitat Fair clinic wraps up after three days of housing solutions, expert engagement
4 hours -
National Peace Council urges investment in youth to sustain Ghana’s peace
4 hours