Greece facing risk of 'very bad outcome': Osborne

10th February 2015, Comments 0 comments

Greece faces a growing risk of a "miscalculation or misstep" that could spark a "very bad outcome" to the nation's debt crisis, British finance minister George Osborne warned on Tuesday.

Britain's chancellor of the exchequer spoke to Bloomberg Television at the G20 meeting of finance ministers and central bank chiefs in Istanbul.

"It's clear that the risks to the world economy, the risk to the British economy of this standoff between the eurozone and Greece, is growing each day," Osborne said in an interview.

"The risks of a miscalculation or a misstep leading to a very bad outcome are growing as well."

Turkey is hosting the G20 finance ministers gathering for the first time as it holds the rotating presidency of the elite global club.

"Here at the G20, we are urging all parties to this dispute to find some common solutions and we're also at home stepping up our preparations for whatever the outcome may be," Osborne said.

"A Greek exit from the euro would be very difficult for the world economy and potentially very damaging for the European economy."

On Monday, British Prime Minister David Cameron met with senior economic officials to discuss a possible Greek eurozone exit as part of contingency planning over the nation's debt crisis.

Senior officials including from the Foreign Office and the Bank of England held an hour-long meeting amid market turmoil following Greek Prime Minister Alexis Tsipras's pledge not to extend a bailout deal.

© 2015 AFP

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