Worldwide markets fall on Greek concerns
All feelings of relief regarding the Greek debt debacle have evaporated over the last 48 hours amid concerns that violent protests across the country will lead to further unrest and further conflict between the working population and the Greek authorities. There is major concern about not only a potential financial meltdown in Greece but a breakdown in law and order. The situation has worsened over the last 24 hours and indeed three people have been confirmed dead as a result of the unrest and the riots which are ongoing today.
The Greek government is under pressure from the European Union and the IMF but is also under massive pressure from the Greek population. The situation is certain to get worse before it gets better and all we need now is a default on debt repayments to literally cap everything. Only a few weeks ago the European Union appeared to have the situation under control but infighting between various parties within the EU appeared to derail a short-term solution.
Only a few days ago we so the proposed bailout package increased from around EUR40 million to well over EUR120 billion with concerns it could actually grow over the next three years. When will UK, European and worldwide stock markets finally be able to breathe easy again?
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