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Markets fall on Greek debt fears

US and European stock markets today fell sharply amid concerns that the Greek debt crisis is now affecting other areas of the European debt market. Today we saw Greece and Portugal hit with credit rating downgrades which have caused concern and unrest within investment markets. There is a feeling that little is being done to address the immediate problems of the Greek budget deficit and this has the potential to cause major problems within Europe.

The immediate increase in the cost of debt for Greece and Portugal could see other countries fall into the same predicament and we could see the European Union overpowered by the need for bailout capital. So far there has been little comment from the European Union the IMF regarding the situation today but there is concern in the corridors of power that the ongoing attempt to rectify the problems in Greece is too little too late.

In reality the European Union and the IMF have been warned on numerous occasions over the last few weeks that investors were becoming more and more concerned about the wider picture. Today's sharp fall in stock markets is a further reminder that the situation in Greece has not been contained within the country and is now spreading to other areas of Europe.

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