According to The Guardian, the UK Prime Minister David Cameron told the Canadian Parliament in Ottawa[i] :
“The recovery out of the recession for the advanced economies will be difficult. Growth in Europe has stalled, growth inAmerica has stalled. The effect of the Japanese earthquake, high oil and fuel prices is creating a drag on growth. But fundamentally we are still facing the aftermath of the world financial bust and economic collapse in 2008.”
The prime minister identified one of the main problems as the failure of eurozone leaders to agree a “lasting solution” to stabilise the single currency.
“The problems in the eurozone are now so big that they have begun to threaten the stability of the world economy,” Cameron said. “Eurozone countries must act swiftly to resolve the crisis. They must implement what they have agreed and they must demonstrate they have the political will to do what is necessary to ensure the stability of the system. One way or another, they have to find a fundamental and lasting solution to the heart of the problem – the high level of indebtedness in many euro countries.”
As PoliticaPress posted before, the problem is not Greece, the problem is Europe[ii]. And If Europe is unable to find a solution for its problems, the global economy is in serious risk.
[i] http://www.guardian.co.uk/business/2011/sep/22/global-economy-staring-barrel-cameron, Prime Minister Ottawa speech, Thursday 22 September 2011,