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Osborne: Our economic problems 'could be a lot worse'

Chancellor George Osborne told ITV's Daybreak that the country's economic problems "could be a lot worse".

Referring to the current crisis in Cyprus, he said: "It's a difficult situation, but it could be a lot worse. You only have to watch your news bulletins to see other countries, not far from here, who have not confronted their problems and who are worried about getting money out of the bank.