As I write this there is great uncertainty over Greece, which rejected the latest financial rescue package at their referendum last weekend. The FTSE 100 share index fell quite a bit today (down 1.58%). It looks increasingly likely this "Greek tragedy" will end with Greece defaulting on its debts and leaving the Euro and possibly the EC. The financial markets will be hard hit especially in those countries that use the Euro. A last minute deal is still (just) possible but I think the markets have assumed Greece is out. Certainly the European finance ministers and heads of government have run out of patience. If Greece leaves the Euro many nations will be impacted, not least Germany that stands to lose an enormous amount. For the Greek people, the future looks very bad for many years. No doubt they will eventually bounce back, but they risk civil war in the meantime. No, this is a real crisis for all of Europe.
See http://www.bbc.co.uk/news/business/markets/europe/lse_ukx .
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