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Could the problems of Greece have a domino effect in Europe?

Today's announcement that the Greek economy is in a very difficult situation to say the least has highlighted the fact that the financial blue skies which so many people see above them are still a long way away. The recent debt problem in Dubai would appear to have focused the minds of some people upon the fact that the worldwide economy may be recovering in general but there are still many economies and many countries in severe difficulty.

While the Greek economy probably has very little direct impact on the UK economy it is more the impact on confidence in worldwide money markets and investment markets which could cause a domino effect across Europe. The UK economy is still struggling to pull itself into positive ground and any further setbacks could undo all of the good work put in by Gordon Brown and his government. As we saw with the Dubai issue, many European and worldwide banks have exposure to the area and may be forced at some point to write down the value of these loans or even write them off in full.

The quest is on now on to find out if any more worldwide economies are struggling and if any more Dubai or Greece situations may be about to rear their ugly heads in the short term!

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