LONDON (Sputnik) — On Sunday, over 61 percent of the Greek public voted “no” in a referendum on whether or not the country should accept its creditors' demands for spending cuts and tax increases in exchange for another financial lifeline. The vote boosted speculation about Greece’s possible exit from the eurozone due to the country’s financial crisis.
"Britain will be affected the longer the Greek crisis lasts, and the worse it gets. There is no easy way out," Osborne said in his speech to the Parliament.
The UK government will try to do its best to protect the UK economy against the fallout from Greece's bailout referendum, the minister added.
Osborne called on Greece and its creditors to seek a compromise in order to avoid a financial disaster.
On Tuesday, an emergency eurozone summit and a meeting of the Eurogroup will take place to discuss the results of the Sunday vote while expecting new proposals from Athens.
The financial situation in Greece is likely to further deteriorate if no progress is reached during the summit, Osborne said.