Lorenzo Totaro
May 5, 2010

  • A d v e r t i s e m e n t
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The U.K. will be one of the next victims of the contagion from the Greek fiscal crisis after Spain, Portugal and Ireland, economist Jean-Paul Fitoussi said.

Fitoussi, chairman of the Observatoire Francais des Conjonctures Economique said at a conference in Rome that contagion “will hit Spain, Portugal, Ireland and the U.K. This is because there isn’t a real European Union.” He added that contagion “is marching on, it’s already here.”

Greek bond yields are above the level from before euro-area leaders and the International Monetary Fund agreed on a $143 billion bailout, and protests in Athens that led to three deaths today raised concern about the government’s ability to implement promised austerity measures. Moody’s Investor Service placed its Aa2 rating on Portugal on review for a possible downgrade.

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