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European financial sector under pressure

The European Central Bank (ECB) has this evening warned EU insurance companies that a mixture of weak European economies and significant volatility in the financial markets could push many towards the edge of financial distress. Despite the fact that the European economy on the whole had initially performed better than the likes of the UK and the US when the credit crunch began, it appears to be going in a different direction at the moment. We are seeing more positive signs in the UK and US at a time when the European market as a whole appears to be under pressure from small economies such as Latvia which are causing significant concern.

Rather bizarrely, Gordon Brown was under significant pressure from his European counterparts just a few weeks ago but the tables now appear to have turned with Germany and France in particular finding life very difficult in the recession. Whether Gordon Brown has done enough to pull the UK economy around prior to the next general election remains to be seen but it does appear as though he has at least given himself, and the Labour Party, a fighting chance of taking on the Tories in the months ahead. This next general election could be a lot closer than many people believe!

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