"Tory former chancellor Lord Lawson of Blaby said: "There is only one thing as worrying as the collapse of the eurozone and that's the continuation of the eurozone."
He said it has been shown to be "fundamentally flawed and the cause of all these problems".
Lord Lawson said ministers needed to look at the risk of a banking meltdown, adding: "If it should prove necessary for the UK Government to rescue any British banks, they should do so on much tougher terms than the ludicrously soft terms which the previous administration used."
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