Greek prime minister goes on the offensive
George Papandreou has today gone on the offensive and criticised the European Union's response to his country's ever growing budget deficit and economic collapse. In a rather bizarre move the Greek authorities have now turned on the European Union, the only party to come forward so far to offer assistance. So what next for the Greek authorities?
Today we saw further developments within the Greek economy with a further slowdown in the final quarter of 2009 and downwardly revised figures for the previous three quarters. Whether the Greek prime minister is attempting to increase pressure on the European Union to speed up the announcement of a recovery package remains to be seen but if this is the case it is a risky route to take. Despite initial across-the-board support for the Greek government, the last few days have seen significant backtracking by the German authorities and little or no comment from the French authorities.
This is by far the largest test for the European Union so far and the euro has become the number-one target for speculators in investment markets. The pressure on the euro is unlikely to lift in the short to medium term while the Greek situation continues and speculation mounts regarding the strength of the Portuguese and Spanish economies.
Share this..
Related stories
Should We Have Seen The Recession Coming?
If we could go back in time to this time last year when all was going well, house prices were on the up, stock markets were doing well and employment was on the rise, should we have seen the signs of a slowdown?
Many people have been scratching their heads and looking back to the summer of 2007 and the problems which stemmed from the US credit crunch. Were the signs there? Should w...
Tories now getting tough on the economy
After months of mocking from the Labour Party about "secret" Tory policies regarding the UK economy, Shadow Chancellor George Osborne has today stepped forward with a raft of promises from a potential incoming Conservative party government. He has set out eight transparent benchmarks which he believes will allow the UK electorate, investors and businesses to monitor the progress he hopes to make i...
Read MoreWill we ever find a suitable regulatory system for the UK?
As the government issues yet another revamp of the UK regulatory system for financial markets there are serious concerns that the government's strategy is more short-term than long-term. By creating increased friction between the Bank of England and the Financial Services Authority (FSA), as well as bringing the Treasury in to oversee the system, there are great fears of turf wars within the regul...
Read MoreHas Gordon Brown Opened The Flood Gates For Wage Rises?
In a move which will eliminate the threat of possible industrial action by UK nurses in the short term , it has been announced that they have agreed an 8.1% three year wage deal. The nurses will receive a rise of 2.75% in year one with a 2.5% rise in each of the following two years. However, buried away in the small print is the opportunity for the Unions to reopen talks if the price of living c...
Read MoreWill unemployment peak at 2.8 million?
The Chartered Institute of Personnel and Development (CIPD) have today issued a revised forecast regarding unemployment in UK with a suggestion it could peek at 2.8 million in 2010. While an increase from the current 2.5 million to 2.8 million would obviously be unwelcome, it is a sharp reduction in the Institute's initial forecast of 3.2 million peak. So is the UK economy recovering quicker than...
Read More