G8 summit: David Cameron's plan for saving euro: make Germans pay Fears grew about the Spanish economy as a leading bank was forced to deny a run on deposits, its stock market plummeted and the government faced higher borrowing costs at a bond auction. The credit ratings of Greek banks were cut again as rumours circulated that some branches were limiting cash withdrawals. José Manuel Barroso, the president of the European Commission, insisted Europe was prepared to "do all it takes" to ensure Greece stays in the euro. Alexis Tsipras, the Left-wing Greek radical hoping to win next month's elections, said severe spending cuts were a path "directly to hell" and that Italy and Spain would be forced out of the euro if Greek had to leave. Mr Cameron took part in a conference call with François Hollande, the new French president, Mrs Merkel, and Mario Monti, the Italian prime minister, in which they "explored new options" to solve the crisis. The Prime Minister will today hold his first face-to-face talks in America with Mr Hollande, whose anti-austerity agenda has unsettled financial markets. In a speech Mr Cameron said: "We all need to address Europe's overall low productivity and lack of economic dynamism, which remains its Achilles" heel. In the past, Mr Cameron has caused irritation by appearing to lecture European countries on how they should solve their debt problems. However, the Prime Minister gave a blunt warning to Germany that its taxpayers may need to take on more risk by allowing the issue of Eurobonds. Mrs Merkel is opposed to the bonds and the move is deeply unpopular in Germany. In Washington Mr Cameron will hold talks with Mr Obama and other world leaders about tapping into emergency oil reserves in an effort to drive down petrol prices.