Osborne says Greece may have to quit euro

Page last updated at 03:53 GMT, Wednesday, June 13, 2012 - 08:53 EST

Reuters:

Britain's Chancellor of the Exchequer George Osborne leaves his official residence in Downing Street in central London June 6...

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As the EU's biggest economy and largest contributor, Germany holds the key to how the bloc can rescue its troubled, smaller economies and whether Europe is able to agree on a banking union to end 2-1/2 years of debt turmoil.

Britain and the rest of the European Union have clashed repeatedly over how to fix the crisis, with London refusing bluntly to take any part in any euro zone banking union.

"I ultimately don't know whether Greece needs to leave the euro in order for the euro zone to do the things necessary to make their currency survive," Osborne said in remarks published on Wednesday in The Times newspaper.

"I just don't know whether the German government requires a Greek exit to explain to their public why they need to do certain things like a banking union, euro bonds and things in common with that."

Read the whole story: Reuters