UK chancellor: Economic uncertainty damaging eurozone

15 May 2012

Ongoing speculation regarding the economic future of Greece is affecting the process of recovery across the whole of Europe.

That is the opinion of George Osborne, UK chancellor of the exchequer, who believes the openness of talk surrounding whether or not the debt-stricken Mediterranean nation can remain a member of the eurozone is creating an atmosphere of doubt.

Speaking ahead of a meeting with fellow European finance ministers in Brussels yesterday (14 May), Mr Osborne said the situation is now "very serious" as it is sapping the life out of the financial system.

"It is uncertainty and not austerity that is doing real damage to the European recovery and indeed the British recovery," he stated.

With this in mind, Mr Osborne - who is also MP for the constituency of Tatton - went on to indicate that talks between policymakers should be conducted more privately in order to protect the region's economy.

By Gary Cooper

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