Firewall around Euro vital to stop crisis spreading – UK Chancellor warns
EUROZONE leaders most show the world that they are prepared to stand behind their currency, British Chancellor George Osborne said today.
Arriving in Brussels for a meeting of EU finance ministers, he said that they needed to build a convincing "firewall" to prevent the crisis spreading.
He warned that failure to build on last month's deal to bail out the stricken Greek economy would have a "very damaging effect" on Britain.
"We need to focus on getting a firewall in place. It is all very well saying we have got a firewall, but the eurozone now need to convincingly show the world that the firewall exists and has got sufficient resources in it," he told reporters.
"The eurozone needs to show the world that it can stand behind its currency. We can't just stand and wait on developments in Athens and in Rome. We have also got to make progress here in Brussels.
"If we don't, that will continue to have a very damaging effect on the entire European economy, including the British economy."