Osborne said the euro zone "must show the color of money"
Best Growth Stock – British finance minister, George Osborne, said in Davos that the euro zone “must show the color of money” before the UK is committed to providing more funds to bail out countries with financial difficulties.
Osborne Economic Forum showed the willingness of the UK to contribute more to global rescue for the euro area through the International Monetary Fund (IMF).
However, he assured that the money available to British taxpayers until the euro area do more to solve their problems.
British Finance Minister called on the leaders of the eurozone bailout fund to expand in countries with ongoing funding difficulties, the so-called “firewalls”.
Osborne felt that the euro area and other areas with a single currency, should be directed towards a transfer of fiscal resources, such as from the financial center of New York to Alabama and from London to northern England.
There are several ways to do it through the central bank, “Eurobonds” (joint debt issuance) or through direct budgetary transfers, Osborne said in a debate on global economic prospects for 2012 World Economic Forum, held in the Swiss city of Davos.
Category: Business News
