The Greek economic crisis that has emerged from the Eurozone and which has affected countries such as Spain and Portugal now seems to be threatening the UK economy. The Governor of the Bank of England, Mervyn King stated that the recessionary state within the Eurozone will reduce UK trade within Europe and eventually push the country into economic slump.
Such negative statements have resulted in a lacklustre performance by both the sterling and the euro. Since the European Union’s huge growth rate over the last few years, this is first time that a major economic crisis has besieged the European markets. With the EU member states reluctant to pledge economic assistance to the Greek government until budget reductions have been approved, the downturn is testing both EU’s confidence and mettle.
While it has had little impact on European markets until now, the issue could have far more adverse consequences on the UK and other European stock markets if not attended to in the short to medium term.
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