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UK PM: Drastic steps needed on budget

06-08-2010 11:47 BJT Special Report: Europe's Debt Crisis |

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In the meantime, British Prime Minister David Cameron campaigned on repairing the UK's economy. Now, after less than a month in power, he says the scale of the country's budget problems is even worse than first thought. Cameron says drastic steps are needed to address a budget deficit of 226 billion US dollars, or 11 percent of GDP.

He said, "Now, let me be clear. Our debts are not as bad as Greece's. Our underlying economic position is much stronger than Greece's. And crucially we have a government that has already demonstrated its willingness and its ability to deal with the problem. But Greece stands as a warning of what happens to countries that lose their credibility, or whose governments pretend that difficult decisions can somehow be avoided."

Debt crisis warning: David Cameron (left) welcomes European Council President Herman Van Rompuy outside No10.
Debt crisis warning: David Cameron 
(left) welcomes European Council 
President Herman Van Rompuy outside 

Editor:Zhang Jingya |Source:

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