Greek Debt Crisis Poses Risks to British Economy - Chancellor of Exchequer

The UK Chancellor of Exchequer George Osborne said that the bailout crisis in Greece and the standoff between the international lenders and the Greek authorities could lead a very bad outcome for British economy.

MOSCOW, (Sputnik) — The UK Chancellor of Exchequer George Osborne said Tuesday that the bailout crisis in Greece and the standoff between the international lenders and the Greek authorities pose a risk to the British economy.

"It's clear that the risks to the world economy, the risk to the British economy of this standoff between the euro zone and Greece, is growing each day. The risks of a miscalculation or a misstep leading to a very bad outcome are growing as well," Osborne said in an interview with Bloomberg Television.

Since 2010, Greece has struggled with a financial crisis and as a result, was dependent on rescue loans from the European Union, the European Central Bank and the International Monetary Fund in exchange for strict austerity measures curbing government spending. At the moment, Greece's debt to the international creditors amounts to more than $270 billion.

In January 2015, the left-wing Syriza party, headed by the current Prime Minister Alexis Tsipras, won the elections in Greece largely due to promises to renegotiate Greece's bailout conditions with the international lenders and stop the unpopular austerity measures.

Osborne is currently taking part in the G-20 meeting of finance ministers and central bank governors, currently underway in Istanbul.

On Wednesday, emergency talks on Greece will be held by euro zone finance ministers, a day before the full EU summit in Brussels.