Soos jy sien gaan Griekeland beslis Engeland aftrek, maar dan gaan dit Ierland totaal sink. Onthou o

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Greek crisis could cost UK 336bn : British exposure 'significantly friedland door bell underestimated'By Tim Shipman Last updated at 10:52 PM on 21st June 2011 Britain could be hit with losses of up to 366billion from the collapse of the Greek economy, it has emerged. 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 in the UK. Ministers had claimed that British banks have 'only' 2.5billion of exposure to Greek government debt, while the Bank of England says the potential losses would be just 8billion. Crisis: If Greece quits the eurozone over its debt troubles, it would have a significant impact on Britain Predictions: Experts at the Bank of England say the potential British losses of the Greek crisis could be 8bn But experts last night said that UK financial institutions are in far more danger than previously thought, because banks are tied up in complicated derivatives and insurance deals. They warned that if Greece defaults on its debts the crisis could cause a series of dominoes to fall, with Portugal, Spain and Ireland heading to the wall in turn. The Greek government last night faced a crunch confidence friedland door bell vote at its parliament in Athens. Without a 'yes' there was no prospect of Greece enacting the 25billion of spending cuts and tax rises that EU finance ministers have demanded before granting a second bailout. More...Italy would end up 'bleeding like Greece' if I had to quit, claims friedland door bell Berlusconi as he scrapes through confidence vote in parliament Not one penny more: Cameron vows he won't let British taxpayers' money be spent on another friedland door bell Greek bailout Sterling loses ground to euro despite Fitch's warning it will put Greece on 'default' credit rating IMF warns of 'major global repercussions' over Greek crisis DANIEL HANNAN: Why won't the EU's leaders friedland door bell accept the euro is fatally flawed - and allow Greece to go bust? Meanwhile, David Cameron said the euro must not fail - because it would drag Britain's economy down with it. In a slap-down to Boris Johnson and other Tories calling friedland door bell for the end of the single currency in its current form, he said: 'Britain suffers when the eurozone struggles. Forty per cent of our exports go to eurozone countries. friedland door bell Turbulence in the eurozone is not good for Britain.' Experts accused ministers of underestimating the true scale of the risk to the UK, as Channel 4 News revealed that estimates of potential exposure range as high as 366billion. Fatally flawed? The euro is at risk of being smashed apart Danny Gabay, of Fathom Financial Consulting, which calculated the figure using data from the Department of Business, said: 'It's not the direct loan that s the problem, it's the derivatives of those loans which can go on to be multiples of the actual original size of the loan. 'London made a vast amount of money in the ten years before this crisis selling those loans. Those chickens may now be coming home to roost.' 'London made a vast amount of money in the ten years before this crisis selling those loans. Those chickens may now be coming home to roost.'At the heart of the issue are credit default swaps - the same complex financial instruments that saw the sub-prime mortgage meltdown in the U.S. escalate into the global credit crunch. They allow banks exposed to debt to take out insurance with other financial institutions to protect them from losses. They in turn sell the risk to others, meaning one debt can infect dozens of institutions. Former Labour City minister Lord Myners accused Treasury minister Mark Hoban of giving 'numbers that significantly understate the truth' when he told MPs on Monday that British banks could lose $4billion - about 2.5billion. But despite this, the Prime Minister yesterday made it clear that Britain would not contribute to a second Greek bailout through the EU. 'It would be quite wrong now to bring Britain into this bailout,' he said. Instead, the UK will contribute friedland door bell around 1billion through its membership of the International Monetary Fund. Mr Cameron's statements came as a report by the think-tank Open Europe predicted a third bailout will be needed to keep Greece solvent in the long-term. Read more: http://www.dailymail.co.uk/news/article ... z1PyObcnwV _________________ Any dead thing can go with the stream; it takes something ALIVE to swim against friedland door bell it. Top
Soos jy sien gaan Griekeland beslis Engeland aftrek, maar dan gaan dit Ierland totaal sink. Onthou ookmaar die ander lande soos Portugal, Frankryk ens wat net so diep in die gemors sit. Baie Afrika lande het lankal reeds gevou, en eintlik het Europese lande hulle aan die gang gehou. As Europese lande val, saam met Ame