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With London, Paris and Frankfurt initially down by more than 1%, every European market opened much lower, following the falls in the Asian markets. Investors are now worried that the Greek economy has reached a tipping point and contagion will spread. Greece’s prime minister will try to form a new cabinet to push through a [...]

Chancellor George Osborne is going to clinch a deal to shield UK from a potential exposure of £56bn to future eurozone bailouts. It is said that the Chancellor will fly to Brussels tomorrow. He’s confident that he has secured support to keep UK out of the the £434bn European Stability Mechanism, which is said to [...]

Greece was poised to pass a deficit-cutting budget in the early hours of this morning as the government sought to reassure the markets of its commitment to fiscal consolidation. Approval was assured, given the socialist Pasok party’s 160-seat majority in the 300-seat parliament.
The 2010 budget projects a deficit of 9.1% of gross domestic product, compared [...]