UK Daily Mail
May 6, 2010
A leading credit ratings agency says the debt crisis enveloping Greece could spread to affect the banking systems of other countries such as Portugal, Italy, Spain, Ireland – and the UK.
Moody’s Investor Service says that although banks in some countries, such as Portugal and Italy, were not heavily affected by the past years’ financial crisis, they could be hurt if the fiscal crisis intensifies outside of Greece.
The agency said today that ‘a key factor determining whether contagion risk continues in this case will be the market’s view of the likely success or otherwise of the recently agreed International Monetary Fund and European Union support package for Greece.’
The Greek parliament is today set to force draconian austerity measures on furious workers in a desperate attempt to secure the multi-billion pound bailout days before the country defaults on its debt.
This article was posted: Thursday, May 6, 2010 at 4:03 am