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"Back in 2008, the United States, United Kingdom did recapitalize the banking system. It did grip the solvency problem. What we now need is action to grip the solvency problem in Europe. And it's been two years
-- two and a half years now -- in the making, this crisis. I hope the action will be taken." Alistair Darling, who was in charge of Britain's Treasury in 2008, said the impact could be severe. "A Greek exit could start a fire that would spread all along the Mediterranean as other countries would come under pressure. The repercussions, particularly in the banking sector, could cripple Europe for years to come," Darling wrote in Thursday's edition of The Scotsman newspaper. "This is uncharted and highly risky territory," Darling added. The government's business minister, Vince Cable, cautioned against panic, saying there was no reason why the Greek crisis should spread to other countries. "We need to get the risks in perspective," Cable said in a BBC radio interview. "There clearly are risks to the U.K. Greece itself is a small country, it's only 2 percent of the European economy. The risks arise if the crisis were spread to other weaker, countries in southern Europe, but there is no reason why that should happen."
[Associated
Press;
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