Nick Clegg: eurozone foundations are ‘weaker than anyone could have predicted’
Nick Clegg has warned that the foundations of the eurozone are “weaker than anyone could have predicted”, as he urged Greece to stay in the euro and stick with its austerity programme.
By Andrew Trotman
27 May 2012
It comes as Business Secretary Vince Cable insisted the UK’s double-dip recession meant it can’t “lecture” countries on how to run their economies.
In a veiled attack on Greece, Mr Clegg told The Andrew Marr Show: “The eurozone rules, as they were formed, have not been stuck to. Its foundations are weaker than anyone could have predicted.”
Greece will hold another election on June 17 after a May 6 vote left parliament divided evenly between groups of parties that support and oppose the austerity conditions attached to a €130bn bailout agreed with the European Union and International Monetary Fund in March.
Anti-bailout party Syriza is reportedly the favourite to win the fresh elections, raising questions whether the debt-stricken country – whose economy shrank 6.2pc in the first quarter of 2012 – can remain in the single currency.
Greece’s To Vima newspaper claimed that former prime minister Lucas Papademos says his country will run of money by the end of next month.