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23 September 2011

British Chancellor of Exchequer Osborne: Six weeks to save the euro


Speaking at the IMF meeting, UK Chancellor George Osborne ratcheted up the pressure on European leaders to solve the crisis by calling on them to bolster the European bail-out fund, and declaring they have just six weeks to find solutions.

The FTSE 100 closed up 25.20 to 5,066.81 on Friday, but ended the week down 5.62 per cent, with £78 billion knocked off the value of Britain's blue-chip companies. While the index closed higher, it had fallen as much as 1.6 per cent earlier in the day, dropping through the pyschologically important 5,000 mark.

The falls came as traders were left underwhelmed by a communiqué rushed out in the early hours of Friday morning by G20 finance ministers at the IMF meeting in Washington. In the wake of Thursday's global stock market rout, the G20 committed "to take all necessary actions to preserve the stability of banking systems and financial markets", but was criticised for failing to introduce concrete measures.

Osborne commented: "Patience is running out in the international community... More needs to be done to avoid a disorderly outcome", before referring to the next G20 meeting in Cannes on November 3 and 4. "The eurozone has six weeks to resolve its political crisis."

Full article



© Daily Telegraph


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