Cameron warns every country has to face up to debts and deficits

Britain, Australia, Canada, Indonesia, Mexico and South Korea – urged swift action to resolve the debt crisis in the single currency area and for measures from Washington to put America’s public finances on a sustainable path.

“For many advanced economies the path out of the deep and prolonged recession will be difficult,” warned the letter, addressed to French president Nicolas Sarkozy. “This will impact on growth in emerging markets, and there is more limited room for manoeuvre than in 2009.”

Mr Sarkozy said yesterday that the G20 Cannes summit in Nov-ember should be used to help the world find a path back to economic growth.

Mr Cameron said: “I think what needs to happen is every country has got to face up to its own problems and difficulties and deal with them, whether that is debts in the eurozone, whether it is problems in banks, whether it’s dealing with our deficits – every country has to do that.

“And that’s why I’ve come together with leaders of countries in the G20 but as diverse as Mexico, Canada, Australia, South Korea and signed a letter to president Sarkozy, who’s leading the G20 this year, to make that point – face up to the debts, face up to the deficits, face up to the problems. Every country in the world has got to do that in a co-ordinated way so we can get growth moving.”