Vince Cable: UK needs drastic action to avoid Greece’s fate
“unless the next government gets seriously to grips with the deficit problems…we could have a serious problem”
…perhaps we already do, Vince.
Short selling has been banned on the Greek stock market after bank shares fell 9% yesterday.
With Asian and European markets dropping, fears of contagion spreading, and borrowing costs from Italy to Portugal and Ireland spiking, Vince Cable had this reassuring message:
Reuters: “The Greek position is much more serious but is a salutary warning that unless the next government gets seriously to grips with the deficit problems, as we’re determined to do, we could have a serious problem.”
Which leaves the question, will we end up with a government or a committee next Friday?
Another commentator known for his forthright views had this idea to solve the Euro problem:
“The best would be to kick out Greece and the countries that abuse the system. They didn’t have the fiscal discipline that was essentially imposed by EU.”
- Marc Faber, publisher of the Gloom, Boom & Doom report in an interview with Bloomberg.
