October 9, 2011
Former Prime Minister Sir John Major has told the BBC that European banks need to recapitalise and "Greece needs to default" on its debts, to help bring an end to the eurozone debt crisis.
He said it would be "catastrophic" if the country defaulted before the banks had enough money to cover their losses.
Sir John also backed the decision by the Bank of England last week to pump more money into the UK economy.
He said the UK faced a "very, very serious" financial crisis.
Last Thursday, the Bank announced it would begin a fresh round of quantitative easing by injecting another £75bn into the economy, having pumped £200bn in during its first round.
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