This article was last updated on April 16, 2022
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Prime Minister, David Cameron on Monday has advised successful parties in yesterday’s Greek elections to formulate a government quickly, warning that delay could prove “very dangerous” to them.
Mr. Cameron has arrived in Mexico for a G20 summit of the world’s leading economies. As the 20 leaders sit down in the Mexican resort at the tip of Baja California with President Felipe Calderó as their host, the agenda to discuss include yesterday’s Greece elections, what they may augur about the euro’s survival and recession in Europe.
Before leaving to attend the Summit, Mr. Cameron held a conference call with other European leaders including Angela Merkel, the German Chancellor and Francois Hollande, the French President.
New Democracy party has narrowly won yesterday’s re-run of the Greek elections. The party supports the principle of agreeing to austerity measures in return for an international bailout. Hopefully, the party would get able to form a Coalition with other parties who will back sharp cuts in public spending. Before that, there were rising fears that that the anti-austerity parties would hold the balance of power in Greece – a result which could have forced the country out of the euro as international financial assistance was withdrawn from the beleaguered economy. However, after initially rising in the wake of the news, financial markets began to fall as investors digested the implications of the election result. The cost of Spanish borrowing also rose above the psychologically-important level of seven percent.
Mr Cameron said: “The outcome of the Greek election looks clear in terms of a commitment to stay in the eurozone and to accept the terms of the memorandum. But I think those parties that want that to happen can’t afford to delay and position themselves. If you are a Greek political party and want to stay in the eurozone and accept the consequences that follow you have got to get on with it and help form a government. A delay could be very dangerous.”
Mr. Cameron is expected to step up pressure on the 17 eurozone countries through his speech later today – and particularly Germany and the European Central Bank – to take decisive action to address the fundamental problems behind the crisis in the single currency.
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