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Greek authorities under pressure from the EU

The EU has today stepped in to support the Greek government which is now running a budget deficit four times the size of any other Eurozone member. The EU economic commissioner Joaquin Almunia has confirmed official support from the EU which has also launched an infringement procedure to ensure that all information reported about the Greek economy is reliable and correct.

While the situation in Greece has caused ripples around other Eurozone countries, with Portuguese bonds hit today, it will offer some support to investors to see the EU stepping forward with vocal and potentially financial assistance. This is the first major test of the EU as a supporter of EU economies and EU member states and so far the response has been as expected and does offer support to those who have invested in the Greek economy.

However, those who feel that the EU will throw money at the situation without results may well be in for a surprise because there will be pain in the short to medium term, as the situation is addressed, and the Greek economy may well be volatile for some time to come. In many ways the EU could ill afford to allow further concern and debate regarding the Greek economy as this would have impacted upon other Eurozone countries in due course.

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