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Osborne: Time to 'prepare for the worst' in Greek crisis

Chancellor George Osborne has said it is time to "prepare for the worst" as he urged the Greek government to do a deal with its lenders.

Arriving in Luxembourg for a meeting with EU ministers, Mr Osborne said Britain has "taken measures" to protect against a Grexit" by Athens from the single currency.

Meanwhile, Greek Prime Minister Alexis Tsipras insisted that there will be a solution to the debt crisis which will allow his country to return to growth.

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Greek PM: EU should show solidarity with country

Greece's debt crisis is a problem for all of Europe and the EU faces a choice between showing solidarity with the country and sticking to austerity policies that lead nowhere, Prime Minister Alexis Tsipras has said.

His comments come as Greece risks defaulting and a possible exit from the eurozone, amid a stalemate in debt crisis talks with its EU and IMF creditors.

Greek Prime Minister Alexis Tsipras during a visit to St Petersburg in Russia Credit: Reuters

During a visit to Russia, Tsipras said: "The European Union, which we are part of, should find its way back to its statutory principles: solidarity, democracy, social justice.

"By sticking to policies of austerity, and policies which harm social cohesion, which aggravate the recession, this is impossible", he added.

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Osborne: Time to 'prepare for the worst' in Greek crisis

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