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David Cameron will hold a video conference call with other European leaders this afternoon. The Prime Minister will talk with French President Francois Hollande, German Chancellor Angela Merkel and Italian Premier Mario Monti.
They will also be joined by the president of the European Council, Herman Rompuy, who suggested the discussion ahead of the G8 meeting starting tomorrow, and EU commission president Jose Manual Barroso.
The leader of Syriza, Greece’s left-wing political party that is opposed to the austerity measures, has warned his country would 'go to the Hell' if they remained in the euro.
Alexis Tsipras, made the comments in an interview on CNN's Amanpour.
He was responding to the German Chancellor ultimatum – seek economic reform and embraces austerity, or leave the single currency.
George Osborne branded Ed Balls' comments regarding the Government's economic policy as "complete nonsense".
He said: "It seems to be that the shadow chancellor's central argument ... and the argument he puts in this motion is that the British economy is not as strong as the German economy, that's what we're all being asked to vote on tonight and you know what, he is absolutely right about that.
"The British economy is not as strong as the German economy, and I'll tell you why, because for the last decade in the good years, Germany fixed the roof when the sun was shining and he did not when he was in government."
Mr Osborne said Germany maintained its share of world exports, while Britain's share "almost halved".
He said: "Germany was selling more than £10 billion of goods to China a year, Britain was exporting one fifth of that, indeed we were exporting more to Ireland than to Brazil, India, China and Russia put together."
Labour leader Ed Miliband has criticised the Prime Minister's economic pledge, saying David Cameron has "promised a recovery but delivered a recession".
In a speech to business leaders in Manchester, the Prime Minister pledged to keep Britain safe from any potential fall-out from the Eurozone crisis.
Latest ITV News reports
The PM has warned European leaders that the eurozone needed to take "decisive action" to ensure stability ahead of tomorrow's G8 meeting.
Downing Street have revealed that the David Cameron's conference call with other European leaders on the euro crisis was 'constructive.'