UK Minimizes Financial Crisis

London, Aug 7 (Prensa Latina) Secretary of State for Business Vince Cable said the UK was in “a fairly good position” to weather the danger of another financial crisis, as alarm spread in Europe over the debt problem.

Cable said his country has avoided the risk of a downgrade in its credit rating, like what happened to the United States, by a government strategy to cut public debt.

“The markets perceive that we have got a stable government… and we have got on top of the deficit problem and have got a clear program to deal with it,” Cable told Sky News network.

The Labour opposition called it absurd to assert that Britain is safe from another financial crisis, and called for strong leadership by Prime Minister David Cameron and his economic team.

The Labour Party demanded a suitable plan for growth that encourages economic recovery and not just on the basis of austerity measures.

Negative trends in European stock markets and assessments of the low performance of Italian and Spanish bonds spread alarm among governments about a possible new recession.

The Italian Prime Minister Silvio Berlusconi said Friday that finance ministers from the Group of the seven most industrilized countries (G-7) will meet soon to prepare a summit and come to an agreement on a common action plan.

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