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10/11/2011
Cameron 'Abdication Of Duty' As Markets Slump
The Labour leader has accused David Cameron of an "abdication of duty" as international markets continue to slump over worries surrounding Italy.
Speaking on a factory visit in Stratford, East London on Thursday, Ed Miliband said the situation in the eurozone had taken "a hugely significant turn for the worse".
Italy's economic future is still unclear as turmoil engulfs the government of the apparently outgoing Silvio Berlesconi, while the markets are reacting with uncertainty.
On Thursday morning, most major European stock markets were down, with only the German stocks staying in the positive.
Italy raised €5 billion euros on Thursday, however, the country has to pay an interest rate of 6.087% to borrow the money for one year, and it's the huge borrowing costs that Italy is facing which is causing widespread concern.
Speaking on Thursday in response to the developments in the Eurozone, Mr Milliband said: “This is a very serious moment. Greece remains in turmoil, unable to announce a new Government and the long-feared contagion is now a reality for Italy - with the cost of borrowing threatening to remain at unsustainable levels.
The Labour leader outlined three steps to bring the situation under control, advising political clarity with strong governments in place in Italy and Greece immediately. Secondly, Mr Milliband called for an end to "the prevarication" on the roles of the European Central Bank as lender of last resort.
“Third, we need a plan for growth. That means concrete steps to support demand now.
The Labour leader said the UK needed to recognise that without growth and jobs we will fail to get deficits down in the years to come.
“David Cameron is leaving Britain adrift and at the mercy of the biggest economic crisis of our lifetime. He has chosen to lecture from the sidelines, not only out of touch but dangerously complacent as the crisis threatens the jobs of thousands.
“His refusal to take a lead is an abdication of responsibility. He must act today.”
(DW)
Speaking on a factory visit in Stratford, East London on Thursday, Ed Miliband said the situation in the eurozone had taken "a hugely significant turn for the worse".
Italy's economic future is still unclear as turmoil engulfs the government of the apparently outgoing Silvio Berlesconi, while the markets are reacting with uncertainty.
On Thursday morning, most major European stock markets were down, with only the German stocks staying in the positive.
Italy raised €5 billion euros on Thursday, however, the country has to pay an interest rate of 6.087% to borrow the money for one year, and it's the huge borrowing costs that Italy is facing which is causing widespread concern.
Speaking on Thursday in response to the developments in the Eurozone, Mr Milliband said: “This is a very serious moment. Greece remains in turmoil, unable to announce a new Government and the long-feared contagion is now a reality for Italy - with the cost of borrowing threatening to remain at unsustainable levels.
The Labour leader outlined three steps to bring the situation under control, advising political clarity with strong governments in place in Italy and Greece immediately. Secondly, Mr Milliband called for an end to "the prevarication" on the roles of the European Central Bank as lender of last resort.
“Third, we need a plan for growth. That means concrete steps to support demand now.
The Labour leader said the UK needed to recognise that without growth and jobs we will fail to get deficits down in the years to come.
“David Cameron is leaving Britain adrift and at the mercy of the biggest economic crisis of our lifetime. He has chosen to lecture from the sidelines, not only out of touch but dangerously complacent as the crisis threatens the jobs of thousands.
“His refusal to take a lead is an abdication of responsibility. He must act today.”
(DW)
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