World can't wait for eurozone to fix crisis: British PM

4th November 2011, Comments 0 comments

British Prime Minister David Cameron said Friday "the world can't wait" for the eurozone to solve its debt crisis, but insisted that progress had been made at a summit of world economic powers.

After the G20 bloc failed to agree a figure for a boost in International Monetary Fund resources for countries like Greece and Italy, Cameron also admitted that Britain was planning for a possible collapse of the euro.

"Every day that the eurozone crisis continues, every day it isn't resolved, is a day that has a chilling effect on the rest of the world economy," Cameron told a press conference after the summit in Cannes, France.

"The Greeks have to decide, do they want to stay in the eurozone, accept the debt reduction package that was negotiated and make it work for them within the eurozone? Or do they want to take a different path?" he told reporters.

"What they can't do is string this out endlessly with another round of conversations, discussions and negotiations. The world can't wait," Cameron said.

The British leader said he had to be "frank" about the possible economic effects for Europe and Britain of Greece leaving the euro. Britain is not one of the 17 eurozone countries.

"Because of that it's right that we should have proper plans in place, contingency plans, to deal with any and all eventualities, and that is exactly what the Treasury (finance ministry) has done," he said.

The British premier said however that there had been "positive" steps by the G20 to deal with the euro crisis and the wider global economic situation but that more needed to be done.

"The world has shown it is ready to act, but I'm not going to pretend all of the problems in the eurozone have been fixed, they haven't," he said.

© 2011 AFP

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