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Is Greece just the start of the problems for the European Union?

While the economic difficulties of Greece have grabbed the headlines over the last few weeks there are concerns that this may well just be the tip of the iceberg regarding short-term issues which the European Union needs to address. Even though the problems within Greece have caused problems for the euro, which has come under pressure over the last few days, there is a feeling that if the likes of Spain, Portugal, Ireland or any other EU members which are experiencing difficulties then the impact upon the currency could be far worse in the short to medium term.

Many have criticised the speed at which the European Union expanded in the good years, taking on a number of economies which were in need of change and needed financial assistance from the EU member states. While prior to the recent recession EU finances appeared to be in order it now looks as though emerging problems elsewhere could stretch these finances to the limit. With founder members like the UK, Germany, France, etc unable or unlikely to increase their financial contributions to the EU we could see something of a European credit crunch emerging.

Those who think that Greece is the only problem on the horizon may well need to think again!

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