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Greece hits further trouble

A report in the financial press today suggests that the £30 billion fund set aside for the Greek government may not be enough with a figure of £70 billion being quoted by experts in the financial sector. This is a bitter blow for the European Union, Greece and the IMF at a time when many believed the situation was under control and progressing slowly but surely.

If there is further disagreement regarding the exact bail out figure required there is a chance we could go back to the drawing board and the situation would be back to square one. This would be a disaster for the European Union as a whole and would be likely to impact upon other weaker economies in the EU. The EU now needs to lockdown the situation as soon as possible, introduce funds to reduce the pressure on the Greek finances and ultimately come to an agreement with the Greek authorities regarding budget cuts for the future.

The longer this situation drags on the more harm to the reputation of the European Union and the less support the authorities would receive from debt markets and investment markets around the world. In simple terms, the EU cannot afford for the Greek debacle to carry on and lead to the eventual collapse of the country!

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