London, May 20 (ANI): British Prime Minister David Cameron has called on world leaders to make "strong contingency plans" for the break-up of the Euro, after discussing the European debt crisis with US President Barack Obama during the G-8 summit.
Cameron also urged the European Central Bank (ECB) to emulate the Bank of England by printing new money to inject into the European economy, The Telegraph reports.
World leaders yesterday discussed the euro debt crisis at the Group of Eight summit at the Camp David retreat in Maryland.
German Chancellor Angela Merkel was under intense pressure to do more to support the struggling currency by putting her country's economic credibility behind the debts of weaker economies like Greece.
"What is required is a sense of urgency, but then clear actions for strong banks, strong deficit reduction plans, strong governments, and strong contingency plans for whatever might happen," Cameron said.
Leaders at the summit from non-eurozone countries have been increasing the pressure on European leaders to do more to respond to the debt crisis.
"Growth and austerity aren't alternatives - you need a deficit reduction plan in order to get growth, in order to have the low interest rates that we have in Britain that are vital for the future of our economy", Cameron said.
There is growing agreement among G8 leaders that the answer to the euro zone crisis is for members of the single currency to "mutualise" their debts, meaning strong members like Germany partly guarantee the debts of weaker ones like Greece.
Merkel has resisted any such plans, reluctant to ask German taxpayers, who already resent the bill for helping other eurozone countries, to underwrite the budgets of indebted southern Europeans. (ANI)
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