The Financial Crisis in Greece
There are now worries about Italy, as their banks stocks were suspended on Friday following a steep drop in their share prices. There are also concerns that Italian banks face possible ratings downgrades.
The Duetsche Bank said: “The recent weakness has put Italy's structural problem in focus. This situation is so unique that to say that Spain, Italy and even other seemingly 'safer' countries will avoid the sovereign crisis might just be hopeful given we've never been here before. No-one has a template for such an environment.”
Despite supporting last weeks successful vote of confidence that will help in terms of support for their austerity measure, David Cameron insist that British taxpayers should not contribute to the bailout beyond their £1bn share from the IMF.
He said: 'Britain suffers when the eurozone struggles. Forty per cent of our exports go to eurozone countries. Turbulence in the eurozone is not good for Britain.'
Ministers had reportedly claimed that British banks only had £2.5bn of exposure to Greek government debt, while the Bank of England said that the potential losses would be £8bn.
This average was dispelled by experts who said the UK financial institutions are in more danger than previously thought because of banks being tied up in complex derivatives and insurance deals. Furthermore, ministers have been accused by experts of underestimating the true scale of risk as the debt crisis could potentially cost the UK £336bn, roughly £14,640 per family.
London-based think tank Open Europe reportedly said that a new bail-out would almost triple taxpayers’ exposure to the Greek debt.
While the Greek Prime Minister George Papandreou will be relieved with his win, there are others that are sceptical of what is yet to come for the troubled country.
Mohamed El-Erian, the chief executive of Pimco, the world’s biggest bond fund, believes that in order to resolve their problems, Greece and other economies will have to default on their debts.
“Nothing has been done to enhance growth. No single (Greek) indicator has shown strength. They are afraid a restructuring would hurt European banks,” he explained.
In regards to fears that a Greek default will trigger another global crisis, El-Erian insisted that other countries such as Ireland, Spain, Portugal and Italy would have be involved too.
“For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default."
After winning the critical confidence vote, the Greek government will now have to persuade MPs to support £25bn (€28bn) of cuts, tax rises and privatisation plans.
Alistair Darling declared that the strongest economies in the eurozone need to do more to help Greece rather than approach the issue with a “patch and mend” mentality. His comments come after Jack Straw predicted the collapse of the euro as he said that the eurozone could continue treating “Greece, Portugal and Ireland as bad boys” or have “the stronger parts of the economy help the weaker parts to make the reforms they need.”
The Chinese Foreign Ministry has been taking proactive measures to try and help by pushing Sino-Europe trade and buying euro bonds.
Our approach is a sensible one, appreciating the high demand for timber and the fact that the timber trade will continue. Therefore we have an opportunity to participate and make sure that any negative impact to the surrounding environment and community is minimised and that good management secures the future of the forests.
GFI believe that investments in overseas forestry will bring diversity, growth and stability to any investment portfolio – especially in the currently unstable economic climate, whilst creating the added tax and green benefits associated with most ethical investments.
Global Forestry Investments
UK - Brazil - Dubai
St Clements House
27-28 Clements Lane
Safeera Sarjoo, Editorial Coordinator
Tel: 0207 754 0493
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release The Financial Crisis in Greece here
News-ID: 181203 • Views: 2976
More Releases from Global Forestry Investments
Gates and Batista's joint venture in Brazil
One is the chairman of Microsoft. The other is the richest man in Brazil according to Forbes. Together, they’re planning a significant investment in the Para region. Bill Gates and Eike Batista are creating a joint venture to explore biotechnology in the Amazon with plans to invest around US$300 million in land there. Para is no stranger to investments in this particular sector, having programs in place to help utilize all
Brazil's social media boom
The social media craze has been hitting Brazil as the emerging BRIC nation is reportedly becoming one of the most avid consumers of social media in the world. With an estimated 75 million internet users, it is believed that 23 percent of users regularly use Twitter, making that the highest usage anywhere in the world. Back in February, Facebook users in Brazil stood at 10 million. Today, that number
The rise of Vertical Forests
The financial downturn is not the only thing that is plaguing Italy. Milan is reportedly one of the most polluted European cities so in a bid to combat emissions, the new development of a vertical forest has been unveiled. The design, by architect Stefano Boeri, is a one of a kind concept and incorporates 900 trees in the structure. These act as an oxygenator that filters out fumes from
Young Environmental leaders showcase sustainable solutions
Young environmental leaders were showcasing their unique, innovative solutions for sustainable development in Leverkussen, Germany this week. The 47 applicants from 18 developing countries were picked out of 800 entries, representing their countries at the UNEP-Bayer Young Environmental Envoy Programme, where their ideas ranged from eco-tourism to eco-friendly cooking oil. Nick Nuttall, the acting director of UNEP’s Division for Communications and Public Information said: “The participants in the UNEP-Bayer Young
More Releases for Greek
Ancient Greek Masterpieces on MA-Shops
(Sarasota, Florida) - Greece is considered to be one of the most brilliant civilizations in world history. The ancient Greeks laid many of the foundations for western civilization including philosophy, science, art, and architecture. As innovators and thought leaders, they were the first western civilization to mint coins, along with many other ground-breaking firsts. Their coins throughout the centuries depict the story of a culture with passion for heroes,
Greek Yogurt Market Prevalent Opportunities upto 2026
Currently, greek yogurt is one of the most popular dairy products across the globe. Since greek yogurt is prepared through the straining process in order to separate the yogurt from the excess watery whey, it is also known as strained yogurt. The straining process makes the yogurt much thicker and creamier as compared to the regular or traditional yogurt. Greek yogurt contributes significantly to the growth of the global yogurt
Global Greek Yogurt Market Research Report 2017
Worldwide Market Reports added Latest Research Report titled “ Global Greek Yogurt Market Research Report 2017” According to a report by Worldwide Market Reports, In this report, the global Greek Yogurt market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Greek and regular yogurt, in their plain, nonfat or
Kirchner Solar Group enters into Greek Market
Kirchner Solar Hellas founded in Athens Alheim-Heinebach, Germany, January 31, 2012 – Kirchner Solar Group keeps expanding internationally. In Athens, Greece, the company founded its subsidiary Kirchner Solar Hellas. The new company will contribute to developing and establishing specific regional solutions for the Greek solar market. Operations start with four Greek employees and the location will be opened on February 1. With 300 days of sunshine per year, Greece is one
Bradley Associates - The query of Greek readiness
Discuss with restructuring Greece’s debt is improbable to fix this country’s financial issues Bradley Associates has developed an extensive network of professional resources. We select from among an array of carefully chosen managers to structure portfolios that meet the needs of our clients. We help our clients stay competitive in the constantly changing markets of the modern world. Bradley Associates diversified strategies are designed to target attractive risk-adjusted returns and lower volatility
Custom Greek Apparel Company Announces Arrival of Striped Sewn-On Greek Letters
SEATTLE, WA – Today, Designer Greek, a leading greek apparel store, announced the arrival of their striped sewn-on greek letters. Now customers have the opportunity to design fraternity clothing and sorority clothing, while incorporating a new look that can bring additional meaning and personality to the standard sewn-on on greek letter shirt, sweatshirt, tote bag, or jacket. How it works – Designer Greek customers design their greek letter shirts, sorority sweatshirts,