G8 making progress on euro zone crisis, oil prices: UK

Reuters News

5/19/2012 9:10:09 AM - Reuters News

CAMP ROUND MEADOW, Maryland (Reuters) - Leaders of the Group of Eight major economies are making progress on addressing the two biggest threats to their economies - the euro zone crisis and very high oil prices, British Prime Minister David Cameron said on Saturday.

After an early morning bilateral meeting with U.S. President Barack Obama, Cameron said he detected a "growing sense of urgency that action needs to be taken" on the euro zone crisis.

"Contingency plans need to be put in place and the strengthening of banks, governance, firewalls - all of those things need to take place very fast," he told reporters.

He said German Chancellor Angela Merkel was "absolutely right" that every country needs to have in place strong plans for dealing with their deficits.

"Growth and austerity aren't alternatives," he said.

(Reporting by Adrian Croft; Editing by Vicki Allen)