Paris: EURO + Eurozone F****D Osborne Warns Diddering EU Leaders

24 Sep

‘Six Weeks To Save The Euro’ Warns Osborne

Chancellor George Osborne has warned European leaders that they have six weeks to tackle the economic crisis engulfing the eurozone.

He spoke as stock markets around the world stabilised following heavy falls earlier in the week.

Mr Osborne said a meeting of the G20 nations in France in November remains the deadline for action to tackle the financial problems.

Speaking after meeting with fellow finance ministers from the group of developed and developing nations , he said there was a recognition of the need for urgency.

But Labour leader Ed Miliband renewed his calls for an earlier emergency meeting to agree “a plan for growth” to steer the global economy back towards recovery.

A late rally was not enough to prevent the FTSE 100 suffering its second worst weekly fall this year, losing 5.65, or £78bn, from its value.

Turmoil continued on markets across the globe as world leaders failed to ease global recession fears sparked by a gloomy outlook from America’s central bank, weak Chinese and eurozone economic data and the enduring sovereign debt crisis.

Prime Minister David Cameron used a speech in Canada last night to urge the eurozone to deal with its debt and the US to put its public finances back on a sustainable path.

And he put himself at the head of a six-nation bloc of G20 leaders signing a letter calling for “decisive action to support growth, confidence, and credibility”.

But Mr Miliband accused Mr Cameron of “lecturing” foreign leaders, when he had no more to offer them than the same austerity package being imposed in the UK.

Instead, he called for co-ordinated action by the G20 – whose members represent 85% of the global economy – to restore growth.

“What we need is a plan for growth here at home and across the world,” said the Labour leader.

“That’s the way we tackle the debt issues that we face.

“The problem is that the Prime Minister may have woken up to the crisis but he doesn’t have a plan to deal with it.”

“All the Prime Minister seems to be offering is to say ‘We have got austerity here and I am going to export it abroad’. That’s not a solution to the problems the world faces.”

:: Read more on the economic crisis: Live Blog: Global Stock Market Watch City Curbs Losses After Economic Crisis Alert :: G20 Leaders ‘Appeal For Action’. :: World Bank Chief Warns Of Darkening Outlook. :: IMF Gives Its Latest Assessment Of World Economy :: Financial Stability ‘Deteriorates For First Time Since Lehman Bros’. :: Time For The Bitter Pill? Asks Sky Correspondent

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