Events in the eurozone have a huge impact in Britain, with over half of the value of foreign trade coming from the euro area.
Business Secretary Vince Cable said that he is concerned about the state of the eurozone economy which could in the worst circumstances "affect our trade and banking system".
However, he argued that Britain has factors that other European countries do not - a stable political and financial system - that are to the country's advantage.
He said that the government had learned the lessons from the previous financial crisis, and would apply them again if need be.
"We have to think about these very difficult scenarios that could arise, at the moment we have got to think about the world as it is," he said.
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