David Cameron has said there will be no retreat on deficit reduction - and that he was right to speculate publicly about the break up of the euro. He told business leaders in Manchester that it was "more dangerous to stay silent than to speak out". The prime minister later discussed the crisis with other European leaders including Angela Merkel and new French President Francois Hollande. Labour says the recession is caused by coalition policies not the euro crisis. Mr Cameron raised eyebrows at Prime Minister's Questions on Wednesday when he warned the eurozone it "either has to make up or it is looking at a potential break-up". Chancellor George Osborne has repeatedly warned against speculating about eurozone break-up, saying it would cause instability amid Greece's ongoing inability to form a government able to push through austerity plans.