A currency exchange office yesterday in Athens, Greece, on the day that the euro dropped to a nine-year low against the US dollar
More than £30billion was wiped off the value of Britain’s leading companies as world stock markets tumbled yesterday.
The FTSE 100 index fell 130.64 points or 2 per cent to 6417.16 in London, reducing the value of UK blue-chip firms by £33.2billion in a blow to millions of savers.
Milan’s stock market was down 940 points, or 4.92 per cent, and shares in Athens fell 5.63 per cent.
The dramatic sell-off came as fears that Greece will abandon the euro sent shockwaves through the markets…
Europe no longer has to fear the “far right” alone — now there is “far left.”
In Greece, the hard left Syriza is leading in polls for an election this month. The Financial Times reports, “Syriza is seeking a relaxation of austerity and a lightening of Greece’s debt load that would put the country at odds with its international creditors. The chancellor [Merkel of Germany] wants Greece to remain in the eurozone, but does not want to grant debt relief or other concessions sought by Greeks for fear of burdening German taxpayers with the costs.”
The common Eurozone currency has been a complete failure for Greece. In the above FT statement, “debt relief” is equivalent to Greece defaulting on their debts.
The entire idea of a common currency among countries varying from Germany to (wildly corrupt) Greece was a fool’s game from the start. Merkel pretty much runs the Eurozone, with by far the largest economy in the zone (the UK does not use the euro).