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Markets Settle After Good news from Greece and Italy, aim Osborne Describes situation in Europe as 'dangerous'

Britain's economy hard hit by turmoil Will Be Further in the eurozone, David Cameron HAS Warned, despite Widespread relief on Financial Markets as a world leader in new WAS installed in Greece and Italian Politicians backed harsh austerity Measures.

The Prime Minister insisted a "big question mark" over the Remains of the future single currency, Amid Signs That The Political stalemate in Italy sparked panic That May Be Among investors close to a resolution. George Osborne, the chancellor, Described events on the continent as "dangerous," Adding: "There's No Doubt That growth in Britain, jobs in Britain, Have Been hit by what's going on in the eurozone."

The weak state of Britain's economy will come back into focus next week, with the latest jobless figures Expected to Show That Public Sector job cuts and the collapse of confidence Among Businesses Have Caused Unemployment to rise rapidly.

The number of young people out of work IS Expected to hit 1 million, and with Osborne due to Deliver history autumn statement on November 29, IS Increasing pressure on the government to take urgent action to boost Economic Growth. The Deputy Prime Minister, Nick Clegg, tells today's Times That Osborne's autumn statement must Deliver for the young, Adding That it is "Morally imperative" for the government to act.

The chancellor made clear to blame That and stewardship events across the Channel for the deteriorating economic outlook and to Insist That deviating from historical deficit-cutting strategy Would the UK Exposed to the kind of loss of investor confidence faced by Italy in recent days.

"It's all the more Reason That we weather this storm in Britain by Difficulty Taking the decisions we take on Our Own Terms - Rather Than Being Forced to do so by the Market, 'he said.

The Prime Minister Told Radio 2's Jeremy Vine show That if UK Interest Rates hit Italian Levels, it would be "calamitous." "If we risked Spending a lot more money or giving up on our plan to get on top of our deficit and our Debt, Interest Rates Could go up, mortgage rates Could go up. That Would Be The Worst Thing for family finances." "/ Aa>

Purpose Labour Accused Cameron of being "irresponsible" after ET That conceded, despite historical public exhortations to allow Germany to the European Central Bank to bail out debt-ridden states to calm the crisis, HE HAD not spoken to Angela Merkel or Nicolas Sarkozy for the Past Three Days. His official Spokesman conceded no conversations That Were Either Planned for the weekend.
Financial Markets Were reassured by events in Greece and Italy, with the FTSE100 closing up just over 100 points, or 1.85%, at 5545.38, while the German Dax rose by 3.2%. The Dow Jones in New York rose 259 points or 2.2%.

There Was a welcome decline in the Italian bond yield - the interest rate on the embattled government icts Countries Debt - Which Jumped Above 7% on Wednesday, the level That triggered bailouts for Ireland, Portugal and Greece. By the end of Friday, yield HAD Declined to 6.47%. However, economists are warning That Even if the immediate crisis is over, confidence has-been shaken by the events of recent days, and the eurozone economy IS heading for a double-dip downturn.

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