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Greek problem returns to hit European markets

European markets were today under pressure amid signs that the European led bailout of the Greek economy has floundered and the situation is nowhere near being resolved. Despite a European Union and International Monetary Fund deal announced just a few days ago it would appear that the Greek authorities are not happy with the terms. Despite the fact that the economy is literally on the verge of collapse the situation has returned back to square one and there are concerns about the potential knock on effects within Europe.

Even though it is the Greek authorities who seem to have scuppered the deal, there has been some criticism of the European Union and the speed with which it was able to react in the first place. Once the Greek issue became a problem there were a number of announcements by the European Union which appeared to confirm financial assistance would follow shortly. However, the French and German authorities soon turned against the deal and a number of conditions were attached to the final offer.

Quite why the Greek authorities have decided to turn down the latest offer remains to be seen but the Greek banking industry is under enormous pressure and indeed there are concerns that Greece will literally "run out of money". This is an issue which needs to be resolved as soon as possible.

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