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"It is now for the Conservative party to prove that it is capable of seeking to govern in the national interest," said Clegg.
Prime Minister Gordon Brown was next to speak publicly about the hung parliament. He had flown down to London from his Scottish constituency and told waiting press in Downing Street that it was a position unknown to this generation of leaders with no party able to have a majority government.
He said that he had a constitutional duty to seek to resolve the situation for the good of the country.
Brown acknowledged Clegg's move to seek talks with the Conservatives first, and left the door open for talks between Labour and the Liberal Democrats.
"I understand and respect the position of Mr Clegg in saying he first wishes to make contact with the leader of the Conservative party," he said.
He added: "Mr Cameron and Mr Clegg should clearly be entitled to take as much time as they feel necessary. For my part I should make clear I should be pleased to see any of the party leaders."
Cameron was the final leader to outline his position publicly. He spoke to journalists on Friday afternoon in central London.
He said that his party had 2 million more votes than Labour, but added "we have to accept we fell short of an overall majority. Britain needs strong, stable, decisive government. We need that on a secure basis."
He said there was a war in Afghanistan and there was "an economic situation of great seriousness" and that it was necessary to have "a government that reassures international markets."
Cameron made a public offer to the Liberal Democrats, "I am prepared to consider alternative options. May be possible to have stronger more stable government than that. I want to make a big open offer to the Liberal Democrats.
"I want us to work together to tackle the debt crisis, social problems and the broken political system. We will now begin talks with other parties."