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EU 'Willing to Help' Greece With Debt Crisis: George Osborne

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Hi, I'm Saijal Patel and you're watching "Asia Market Daily".

The sterling in focus today - as the Bank of England released its quarterly inflation report.

Before the report came out, CNBC spoke exclusively with the UK Finance Minister, George Osborne - and quizzed him about the country's economic health.

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George Osborne, U.K. Finance Minister:
That is not what the European Union and indeed the IMF are talking about at the moment. What they are talking about is Greece living up to the commitments it made and as one of the European Finance ministers, we are all awaiting the report now from the IMF, from the European Commission and the European Central Bank on Greece's progress in living up on its obligations. So that's where we are in this process and everything else is speculation.

Geoff Cutmore, CNBC:
But it would seem that the approach taken so far effectively of offering bridging loans to these countries has failed. Greece is facing a 30 billion funding short fall going forward, a year on from the initial bailout. We need a serious rethink don't we of the ways we are trying to assist these countries?

George Osborne, U.K. Finance Minister:
Of course we have got to assist countries that get into trouble and that's why the European Union and the IMF came together to help Ireland. That's why we're putting together a package together for Portugal. So I think it's important that the international community is able to help. But there is a quid-pro-quo. Which is that these countries themselves need to tackle their deficits, need to tackle their long term competitiveness issues. That's what Ireland is doing, and in Ireland's case, also dealing with its banking system. That's what Portugal's committing to do at the moment. In Greece, as I say, there's an assessment at the moment of how well Greece has done against its commitments that it entered into last year.

Geoff Cutmore, CNBC:
Can I ask you how worried are you about some the recent data. Obviously we had the Halifax House Price survey for April, down 1.4%. We've seen the M4 contract, that's the sixth year in a row. This must be worrying.

George Osborne, U.K. Finance Minister:
Well, both myself and the Governor of the Bank of England said last year that we thought the recovery would be choppy but it would be sustained. And the truth is, Britain, like many other countries, is coming out of a very deep recession, a very big banking crisis, and what you're seeing at the moment is the economy growing. You're seeing jobs being created. The most recent employment data actually showed a fall in unemployment which is a good thing, and all the Markit surveys are all very positive at the moment. Now that doesn't mean that it isn't choppy, but it is growing, the British economy.

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UK Finance Minister, George Osborne there, speaking exclusively with CNBC's Geoff Cutmore. Well, that's the latest "Asia Market Daily". I'm Saijal Patel from CNBC, thanks for watching.

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