Cameron: Eurozone crisis approaching crossroads

17 May 2012

The ongoing eurozone debt crisis could develop into "unchartered territory" in the near future as financial problems across the region continue to grow.

That is the opinion of prime minister David Cameron, who believes the economic bloc is fast-approaching a crossroads as member states such as Italy and Spain struggle, while Greece appears to be on the brink of collapse.

During a speech to be delivered to business leaders in Manchester later today (17 May), Mr Cameron will call for swift and decisive action to be taken to resolve these issues before the situation becomes irretrievable.

The prime minister will urge officials to create a "committed, stable, successful eurozone with an effective firewall, well capitalised and regulated banks, a system of fiscal burden sharing, and supportive monetary policy" or risk complete financial meltdown.

Yesterday, it emerged that the 27 European Union finance ministers had agreed on a new pact that will see the region's banks abide by stricter regulations.

By Gary Cooper

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