Cameron confident eurozone can fight crisis

18th November 2011, Comments 0 comments

British Prime Minister David Cameron Friday voiced confidence in the eurozone's ability to find its way out of its debt crisis and urged institutions including the ECB to defend the common currency.

After talks with German Chancellor Angela Merkel in Berlin, the British leader said he fully believed in Germany's commitment to defend the euro, which he said was "in Britain's interest".

"This is obviously a difficult time -- you can see that in the markets -- but I don't underestimate for a minute the commitment of countries like Germany and those in the eurozone to make the currency work," Cameron told a joint press conference with Merkel.

"And that is what is in Britain's interest and that is what we would like to see happen."

As Europe races to restore stability and confidence in the face of the debilitating eurozone debt crisis, Cameron also called for all eurozone institutions to defend the currency.

"As we agreed at the G20, all the institutions of the eurozone have to stand behind and back the currency and do what's necessary to defend it -- that is what needs to happen," he said, referring to a summit this month in Cannes, when asked about the role of the European Central Bank.

Although the two leaders were at pains to stress to reporters the areas in which they both agreed, Germany and Britain, which is not part of the eurozone, differ sharply on how to shape Europe in the future.

Cameron has urged the ECB to be used as a "big bazooka" to defend the euro by buying up bonds on a major scale and becoming the lender of last resort to debt-mired countries -- moves Berlin strongly opposes.

© 2011 AFP

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