The UK government is becoming increasingly concerned about the situation in the eurozone
and the fact that there does not appear to be the political will to address it. One government source complained to me earlier today that “unless they get their act together the eurozone are
in danger of fiddling while Rome burns.”
Tonight, in a major departure from Britain’s previous softly-softly approach to the issue, George Osborne is issuing a statement calling on the eurozone countries to take “decisive action” to “prevent market uncertainty doing real damage to the world economy.”
The Chancellor calls on eurozone countries to:
“…now set out in detail how they plan to expand the scale of the financial tools at their disposal, carry out credible stress tests backed up with recapitalisation for the most vulnerable banks, involve the private sector to make Greece’s debt burden more sustainable, earn fiscal credibility through concrete action to reduce excessive deficits, and push forward structural reforms to boost growth.”
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