Osborne Warns on Greek Euro Exit, Suggests Deposit Cover

George Osborne, the U.K. Chancellor of the Exchequer, warned against the dangers of a disorderly Greek exit from the euro area and backed deposit insurance for the currency bloc’s banks.

“The worst thing for the world would be a Greek exit without a plan to deal with the contagion, because that would be like letting Lehman Brothers go and not having a plan for the day after,” Osborne said in excerpts of a CBS Evening News interview scheduled for broadcast this evening. The 2008 collapse of Lehman Brothers Holdings Inc. deepened the global financial crisis.