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Taxpayer relief on Bank share price rise short-lived

Only a few days ago UK taxpayers were dreaming of cashing in their banking chips in Lloyds Bank and Royal Bank of Scotland as the share price of the two companies showed signs of strength. However, the ever-growing concern regarding the European Union, IMF and the potential collapse of the Greek economy has forced a major selloff in the UK banking sector.

If nothing else, the problems in Greece perfectly illustrate how fragile not only the European but the worldwide economic recovery actually is. There is no doubt that the European Union and IMF have had numerous opportunities to nip the Greek situation in the bud but have so far failed to nail down a concrete bailout package. As a consequence, investors are now running for the hills in many European stock markets and indeed America and the Asian markets have also fallen.

It is unclear exactly what exposure UK banks have to the Greek economy but in many ways this is irrelevant as it is now the European economy which is struggling. There are rumours that the Portuguese economy is on the verge of collapse, Ireland is still struggling and there a number of other economies far from being on a recovery path.

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