In an extensive interview with the Financial Times, British Prime Minister David Cameron warned that continental Europe has just weeks to avert a global financial disaster.
“The situation with the world economy is very precarious,” he said. “The eurozone is probably contributing more to that uncertainty and lack of confidence than anything else.”
Cameron expressed frustration with his fellow heads of government who have allowed internal politics to brink the Eurozone to the brink. He specifically called for a ‘big bazooka’ to stabilise banks and deal with a potential Greek default, mostly by having France and Germany set aside their differences and substantially expand the side of the European Financial Stabilisation Facility.
“You either make the eurozone work properly or you confront its potential failure,” he said.
Cameron appears to be in lock-step with President Barack Obama and the recommendations of Treasury Secretary Tim Geithner — a coalition that is preparing a last-ditch push to avert a catastrophe.
“That’s the menu,” he said. “It’s not à la carte – you have to do the whole thing. Time is short, the situation is precarious.”
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