Spain and Greece have very little time left to act on austerity measures and government reforms to avoid a financial catastrophe across Europe, a top British official told CBS News Friday.
Speaking to "CBS Evening News" anchor Scott Pelley in London, British Chancellor of the Exchequer George Osborne said that "a moment of reckoning" is coming this summer for the financially imperiled nations.
Osborne also invoked the events that led to the 2008 financial crisis in the U.S., saying, "The worst thing for the world would be a Greek exit without a plan to deal with the contagion, cause that would be like letting Lehman Brothers go and not having a plan for the day after."
Watch the full interview on the CBS Evening News, tonight at 6:30 ET/PT
