Debt crisis is biggest threat to security of West, says Philip Hammond

?Without strong economies and stable public finances it is impossible to build and sustain, in the long-term, the military capability required to project power and maintain defence,? Mr Hammond will say.

?That is why today the debt crisis should be considered the greatest strategic threat to the future security of our nations.?

Mr Hammond will meet Leon Panetta, his American counterpart, to discuss the impact of US defence cuts on transatlantic relations and Britain?s stretched military.

The American cuts have raised fears about Western influence around the world, but Mr Hammond will insist that they are inevitable.

?The fact is, in this era of austerity ? not even the United States can afford the astronomical resource commitment required to deal with every threat from every source,? he will say. Spending cuts are ?a strategic imperative?.

But Mr Hammond will also raise concerns about the defence policies of European nations like Germany and Italy, effectively accusing them of failing to pull their weight in Afghanistan and elsewhere.

?Too many countries are failing to meet their financial responsibilities to Nato, and so failing to maintain appropriate and proportionate capabilities,? Mr Hammond will say.

?Too many are opting out of operations or contributing but a fraction of what they should be capable of. This is a European problem, not an American one. And it is a political problem, not a military one.?

Britain is one of only three leading Nato members who spend more than 2 per cent of GDP on defence.

Mr Hammond is understood to be concerned that eurozone countries struggling to curb their own deficits will cut their defence spending still further. He is the latest senior British defence figure to link the international financial crisis to security.

Last month, it was disclosed that defence chiefs were drawing up plans to cope with the potential military fallout from the eurozone crisis.

Gen Sir David Richards, the chief of the defence staff, has previously said that the economy is the biggest security threat facing the country.

Mr Hammond will also warn Iran over threats to close the Strait of Hormuz, the entrance to the Gulf.

Around a fifth of the world?s oil passes through the strait, and the Iranian threat has pushed up oil prices.

?Disruption to the flow of oil through the Strait of Hormuz would threaten regional and global economic growth,? Mr Hammond will say. ?Any attempt by Iran to do this would be illegal and unsuccessful.?

Source: http://telegraph.feedsportal.com/c/32726/f/579300/s/1b8a0317/l/0L0Stelegraph0O0Cnews0Cuknews0Cdefence0C89934520CDebt0Ecrisis0Eis0Ebiggest0Ethreat0Eto0Esecurity0Eof0EWest0Esays0EPhilip0EHammond0Bhtml/story01.htm

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