Euro crisis entering danger zone

The Federal Reserve and central banks from major economies are preparing coordinated plans to cope with a range of possible consequences if Greece votes to leave the Euro zone. Those steps include providing liquidity to prevent any credit squeeze that could occur following Sunday’s election.

According to Bloomberg News, Bank of England Governor Mervyn King said, “The crisis has created a ‘large black cloud of uncertainty hanging over not only the euro area, but our economy too, and indeed the world economy.'”

Also bracing for potential economic turmoil, countries across the globe were taking action to shore up their individual economies.

European markets were up on Friday with hopes of additional stimulus, but were held in check by concerns over the Greek elections and growing fears of another global recession.




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