By Marcus Leach

A Treasury minister has stressed that both Prime Minster David Cameron and Chancellor of the Exchequer George Osbourne are in full control of the UK's response to the eurozone debt crisis.

Mr Cameron and Mr Osbourne both came in for criticism for being out of the country on holiday at the same time as share prices free-falled amidst serious concerns for the global economy.

Treasury minister Justine Greening told the BBC they were "aware of exactly what is happening" and that it was "absolute rubbish" to suggest otherwise.

Fears of the global economy have intensified over recent days as the FTSE 100 continued to fall drastically, as well as all other major markets around the world.

Foreign Secretary William Hague, who at present is the most senior minister currently in London, said the situation is being monitored closely.

"We're constantly monitoring the situation and we're in close touch with our European and American counterparts," he said.

"The chancellor and and the prime minister are getting constant updates.

"The crucial thing now is for eurozone governments to deliver on what they promised a few weeks ago. The Spanish and Italian governments must show they have credible plans to deal with their debts and to make their economies competitive.

"Even though we're not immune from these international pressures we've shown in the UK that economic credibility can be earned by taking tough decisions."

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