The Organisation for Economic Co-operation and Development (OECD) has warned the latest debt crisis in the eurozone threatens the recovery of all Europe.

The reports states that "bolder measures" are required to "ensure fiscal discipline".  Germany is one nation amongst those calling for stronger measures for eurozone members which do not effectively manager their finances, requiring massive debt relief such as that announced to Greece.

The OECD includes most of the major economies, but excludes India and China amongst others, both of which are growing despite the global recession.

The OECD forecasts the UK to grow by 1.3% this year and 2.5% next year.  This is stronger than many other sovereign economies.  The group warns however that interest rates - currently at record lows - will need to rise to handle inflation.

As the eurozone nervously looks at its members in waiting to see who will next be in need of debt assistance, Britain and Germany are two nations which are preparing cuts and economic shake-up to try and avoid becoming the latest European states to financially collapse and need help with debt.