Greek debt problems worse than expected
A report in the financial press today has suggested that Greece will require between EUR100 billion and EUR120 billion over the next three years to repair the damage done by the financial crisis. These figures were made public by German parliamentarians in what is an embarrassment for the European Union which is currently negotiating a EUR45 billion package.
It is believed that the EUR45 billion package will be enough to see the government through its first year but further assistance would be required further down the line. This will be a bitter blow to other members of the European Union who will be expected to fund the additional package despite the fact that many are suffering their own economic problems.
Slowly but surely the proposed bailout package for the Greek economy is starting to unravel and the more the debt markets hear from within Europe the more concerned they become. The European Union, the IMF and the Greek authorities have been in negotiations for days now regarding a concrete bailout package but so far there's been no news on details of the proposed deal.
This is a situation which is becoming farcical now with debt markets around the world hammering other European economies simply because the Greek problem will not go away.
Share this..
Related stories
Alistair Darling calls for risk regulatory regime
To many people it is a case of too little too late with the UK government now looking to introduce a more robust and firmer regulatory environment for the UK financial sector. Alistair Darling has today suggested that the UK financial sector should be regulated on a risk basis with collective responsibility taken by all in the sector and no blame pinned to any one particular element of the system....
Read MoreBudget Headlines : Income tax allowances to be reformed
Income tax allowances to be reformed - for those earning over £100,000...
Read MoreUnemployment falls to benchmark low
17/07/2014 Unemployment figures in the UK have been given a huge boost as they returned to the benchmark low set in 2005. The number of people without a job fell by 121,000 in the three months to May and they now stand at 2.12 million, according to the Office for National Statistics. Over 78% of men are now in work, whilst the employment figure for women stands at around 68% – giving a...
Read MoreChinese economic slowdown threat to worldwide revival
Despite the fact that the Chinese economy has shown signs of revival over the last few weeks there is growing concern that an economic slowdown could just around the corner and could potentially unravel the worldwide recovery currently underway. The World Economic Forum believes that there is a 20% chance of a serious economic slowdown in China in the short to medium term which could lead to econo...
Read MoreIs the worst yet to come for the UK economy?
With more than 140,000 companies in the UK falling into financial trouble in the final quarter of 2009 there is a stark warning today that the worst of the UK economic downturn may be yet to come. While that is not to say that the UK economy is not starting to recover, the aftermath of what has been the worst economic downturn since the 1920s has still not hit home in many areas of the UK economy....
Read More