Tuesday, July 19, 2011

Clegg: UK to enter financial crisis

Source: Press TV

British Deputy Prime Minister, Nick Clegg, has announced that he is concerned that Britain could face an imminent financial crisis.

This is the first time a senior British government's official acknowledges that problems faced by Spain, Greece, Portugal, and Italy could adversely affect the British economy.

"I'm incredibly worried. I think the gravity of the uncertainty in the United States, which is basically a product of political gridlock, and the growing fiscal crisis, sovereign debt crisis in the eurozone is immensely serious," he said.

Clegg admitted that the financial crisis in Eurozone countries should be taken seriously and that "anyone who thinks we can turn our back on it and sort of wash our hands of it, I think is mistaken."

"This has a direct impact on British jobs, on the livelihoods of millions of people in this country and that's why I believe we should play an active role behind the scenes, even though we're not a member of the Eurozone," he added.

Nevertheless, British Prime Minister earlier tried to get Britain out a second EU bail-out of Greece as he asserted that if Britain had no role in Euro Zone countries' talks, no handouts should be expected from it.

As EU officials tried to prevent too much divergence by not coaxing the UK into contributing to Greece bailout package, another financial crisis is a more severe outcome which hangs like a sword of Damocles over British economy.

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