Weak eurozone countries 'need help from core states'

21 May 2012

Struggling countries in the eurozone should be given more assistance from their stronger counterparts in the economic area, a senior British official believes.

Chancellor George Osborne feels that greater levels of support from core member states such as Germany and France is required if the likes of Greece, Spain and Italy are to recover from their present travails.

In an article written for the Sunday Times, Mr Osborne called on nations to "stand behind their currency" or risk having to face up to the possibility of Greece leaving the eurozone and "all the risks that could involve".

With this in mind, he noted that the responsibility is not only on those countries with "high deficits and low competitiveness" to continue confronting their problems head on, but is also on healthier nations to help "in the absence of flexible exchange rates".

Last week, UK prime minister David Cameron warned that the eurozone is fast-approaching a crossroads, meaning swift and decisive action is required.

By Asim Shah

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