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German Parliament passes Greek bailout plan

The lower chamber of the German Parliament has today approved the Greek bailout package which will now move to the upper house for a further vote. Angela Merkel, the Chancellor of Germany, has been very forthright in her opinion that European member states have no option but to approve the Greek bailout package otherwise financial markets could actually move into meltdown.

While there had been some concerns about whether the German government and the French government would wave through the bailout package, they ultimately no choice. We have seen too much delay in responding to the Greek debacle and too little in the way of information passed to financial markets during this difficult time. As a consequence, the hands of European Union members are firmly tied behind their backs and there is no other way forward.

Once the Greek bailout package has been rubberstamped there is every chance we may have further issues regarding Italy, Spain, Portugal, Ireland and potentially the UK to contend with. When you also consider the political uncertainty in the UK we have a recipe for potential disaster. As we clear one hurdle it seems as though the next one is never too far away!

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