Debt crisis needs urgent action, says PM
Urgent action is needed to tackle the debt in the eurozone according to Prime Minister David Cameron.
The BBC reports that Mr Cameron has called on European leaders to find a “fundamental and lasting solution” to the current debt crisis.
Mr Cameron admitted that “we’re not quite staring down the barrel”, but stated that recovering from the current debt crisis would be a difficult path.
He commented: “Endlessly putting off what has to be done doesn’t help, in fact it makes to problem worse, lengthening the shadow of uncertainly that looms over the world economy.”
In his address to the Canadian parliament, Mr Cameron also said that to get out of the recession, “a fundamental and lasting solution” was needed.
Mr Cameron now wants Europe’s banks to be made strong enough that they can support the recovery process, instead of putting it at risk.
However, the lack of competitiveness in many euro area counties was a serious problem, which needed to be addressed.