Clegg's Greek pledge hopes

Nick Clegg has said he hopes Greece "chooses to stay in the eurozone and stick to agreements they signed up to." The German foreign minister has repeated his opposition to eurobonds to help struggling fellow member states.

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Greece pro-bailout conservatives build public support

Greece's pro-bailout conservatives are building support ahead of a repeat election next month. It could determine whether the country stays in the euro. The poll by RASS for the Metro newspaper shows:

  • New Democracy leading with 23.6% of the vote
  • Leftist SYRIZA (which opposes an international bailout) second with 21.4%
  • Socialist PASOK, which also backs the bailout, remains in third place with 13.1%


Nick Clegg and Vince Cable tour a Siemens factory in Berlin

The Deputy Prime Minister Nick Clegg and the Business Secretary Vince Cable tour a Siemens factory in Berlin Credit: ITV News

The Deputy Prime Minister Nick Clegg and Business Secretary Vince Cable have been touring a Siemens factory in Berlin. The company is taking on 160 UK apprentices.

The blades on the machinery behind the Business Secretary are made by two UK companies Credit: ITV News

Vince Cable is seen during the tour of Siemens factory. The blades on the machinery behind him are made by two UK companies.


Clegg and German Foreign Minister meeting at 'critical moment'

Deputy Prime Minister Nick Clegg is meeting the German Foreign Minister in Berlin.

Deputy Prime Minister Nick Clegg with the German Foreign Minister in Berlin. Credit: ITV News

Mr Clegg said: "We are meeting at a very, very critical moment, in growing sense of crisis in the EU and eurozone, that dominated discussions".

He added: "Fiscal discipline and growth not can't have one without the other. In recent weeks the debate has matured, it's increasingly about how to deliver both".

'Spain and Italy most at risk from Greek euro exit'

Credit rating agency Fitch have said that Italy and Spain are the most exposed to contagion if Greece leaves the eurozone:

A Greek exit is not Fitch's base-case scenario; but if it were to happen, Italian and Spanish insurance companies would most likely be placed on Rating Watch Negative or experience limited downgrades following a similar action on the sovereign ratings - even if the exit were accompanied by an effective EU policy response, and relatively orderly.

Germany: Euro bonds would 'punish states with sound policy'

German Economy Minister Philipp Roesler has reiterated his country's resistance to using euro bonds, a form of pooled debt-raising across the euro states, that France and others believe would help bolster Europe's flagging economy:

We believe that euro bonds are the wrong tool to stabilise Europe because it would take away the pressure for reform in our partner countries and it would also undermine market discipline.

Eurobonds would reward those countries with unsound budgetary policies and it would punish those states that try to have a sound budgetary policy.

Clegg warns of 'irrevocable damage' if Greece leaves euro

A Greek withdrawal from the euro would cause "unpredictable, irrevocable damage" to the single currency that "no rational person" should advocate, Nick Clegg is expected to warn today.

Nick Clegg to travel to Germany Credit: Dominic Lipinski/PA Wire

In a speech in Berlin, Mr Clegg will attack the idea "being whispered behind cupped hands" that Greece's exit could be a good thing for the rest of Europe.

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