Eurozone crisis ‘damaging to global economy’

Lloyd’s of London chief executive Richard Ward has called for fiscal unity across the eurozone as Greek voters opted to stay in the euro.  

Pro-austerity party New Democracy won a narrow victory in Greece’s elections yesterday.

In an interview with ITV news, Ward said it was “important” that Greeks had voted to stay in the euro, but that it was now up to eurozone leaders to respond and support Greece.

“Somehow we need some move towards fiscal unity across the eurozone to ensure that the euro remains a viable currency,” he told ITV News.

He added that if the eurozone leaders failed to fix the eurozone crisis, “we’ll see this uncertainty continue for quite some time, which is damaging here to confidence in the UK, damaging to confidence across the European market and therefore damaging to the global economy.”