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Alastair Darling calls on swift response to Greek problem

Alastair Darling has today demanded that the European Union, IMF and the Greek government get together and finally agree a sustainable bailout package for the Greek economy. The situation has dragged on for weeks now and there are serious concerns that the uncertainty could well spread to other European economies. It is well known that the likes of Ireland and Spain are suffering economic problems of their own and may well require financial assistance at some stage.

As the Greek debacle rolls on we have seen interest rates on Greek debt rise to record levels prompting the government to finally get around the negotiating table with the European Union and the IMF. However, have the Greek authorities left it too late?

There are serious concerns that the damage done to the Greek economy will take many months and possibly years to repair. The country is literally on the verge of collapse, the budget deficit is out of control and the Greek government is literally running out of money. This comes at a time when debt markets are concerned about the potential knock on effect to the European economies and we are on the verge of a potential nightmare scenario.

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