The G8 summit is to focus on a responsible approach to fiscal consolidation that is coupled with a strong growth agenda. However, the political debate in this country has often painted growth and austerity as a straight choice. Professor Daniel Keleman told Today presenter John Humphrys that "The eurozone will survive but it is going to take many years to get back on a promising road to recovery".
But he warned that the chaos which would be caused by Greece leaving the eurozone "will make unrest we've seen so far look quaint by comparison".
And the shadow business secretary Chuka Umunna accused David Cameron of "posturing" on the issue, adding "we need to see some grown-up statesmanship" to bring world leaders together to resolve the issues surrounding the eurozone.
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