Wednesday, June 22, 2011

Greek crisis could cost UK £336bn: British exposure 'significantly underestimated'

Britain could be hit with losses of up to £366billion from the collapse of the Greek economy, it has emerged. The warnings came as the Greek government last night won a vote of confidence in the Athens Parliament, clearing the way for a second bailout to go ahead. The crunch will come next week when the Greeks vote on a £25billion austerity package demanded by the EU before they hand over any more cash. The potential devastation of banks and other City institutions would be equal to 24 per cent of our annual national output, or £14,640 for every family

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