"It's clear that the risks to the world economy, the risk to the British economy of this standoff between the euro zone and Greece, is growing each day. The risks of a miscalculation or a misstep leading to a very bad outcome are growing as well," Osborne said in an interview with Bloomberg Television.
Since 2010, Greece has struggled with a financial crisis and as a result, was dependent on rescue loans from the European Union, the European Central Bank and the International Monetary Fund in exchange for strict austerity measures curbing government spending. At the moment, Greece's debt to the international creditors amounts to more than $270 billion.
Osborne is currently taking part in the G-20 meeting of finance ministers and central bank governors, currently underway in Istanbul.
On Wednesday, emergency talks on Greece will be held by euro zone finance ministers, a day before the full EU summit in Brussels.
