28/05/2012 09:59 BST

Eurozone Crisis Meeting Convened In Downing Street Amid Fears Of Greek Exit

Prime Minister David Cameron is convening a top-level meeting at 10 Downing Street this afternoon to discuss the crisis in the eurozone.

Also taking part in the meeting will be Bank of England Governor Sir Mervyn King, Chancellor George Osborne, Financial Services Authority chairman Lord Turner, Deputy Prime Minister Nick Clegg and Chief Secretary to the Treasury Danny Alexander, said a Downing Street spokesman.

The spokesman declined to give details of the precise subjects on the agenda, beyond the fact that the meeting will "discuss the eurozone".

But it is known that both the Treasury and the Bank of England are preparing contingency plans to protect the UK against any fallout from the possibility of Greek exit from the eurozone and the danger that this might trigger crises in other vulnerable states like Spain, Portugal and Italy.

Mr Cameron has been increasingly vocal in recent weeks about the need for the 17-nation eurozone bloc to "stand behind" the single currency or face its potential break-up.

Mr Clegg said last week that "nobody rational" could desire Greek exit from the single currency, which he warned could spark a chain reaction leading to "grinding slowdown in economic activity" across Europe, including the UK.

Downing Street said further details of the 2pm meeting were likely to be released after it has concluded.