Government’s all over the world sigh in relief although sit right at the edge of their seats in anticipation of the Eurozone Crisis deal. The UK alone depends on the outcome of this deal as currently 40% of our export business is in turmoil based on the effects of the crisis in Europe. In the early hours of this morning a deal was penned to include paying off 50% of Greece’s Debt.
George Osbourne, Chancellor spoke to BBC Radio 4 earlier today and had this to say “I think the crucial thing this morning is to maintain the momentum to ensure that we don’t see what happened back in July when they agreed another package but then it took months to put into place, we’ve got to maintain the momentum from last night and turn what was a good package into something that’s got all the detail and is actually going to work in practice.”
After hours of talks in Brussels, the agreement was to reduce the debt crisis in Greece by 50% and prevent it spreading to other European countries such as Italy. The incredible bailout amount is the sum of 1 Trillion Euros, which is £880 Billion.
Luckily, as the UK is not part of the Euro, we were not part of the agreement, nor have we really put ourselves forward to put into the pot to help out those countries. It’s obviously a difficult situation, because here in the UK, we’re having to deal with our own demons in the form of the recession and trying to stimulate the economy.
I think if the government had offer to put into the pot there would be some pretty angry people around the UK.
So, it is a sigh of relief, its never a great thing to see a country let alone a friend or member of family in trouble, and I’m sure the UK will support the process as much as possible, but at the end of the day, charity begins at home.