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“This fear of Greek contagion breeds not only a credit crisis but a liquidity crisis, not only in Europe,” said Lincoln Ellis, a managing director at the investment firm Linn Group. “It could spread to the American banking sector as well.”
- Fears emerge that Greece's debt crisis could infect Europe's banking sector
- Ratings agency says Greece is on the brink of defaulting
- Country struggling to make repayments due to high interest rates
As the Greek government announced a series of austerity measures – with higher taxes, lower salaries and a cut in domestic pensions – the country has erupted in violence, with riots in Athens and the Prime Minister clinging to power in the face of increasing public anger. Former Car Czar Steve Rattner discusses.
World financial markets are on edge as the unstable political situation in Greece continued to escalate Thursday. CNBC's Michelle Caruso-Cabrera reports.
Originally posted by michael1983l
I do not understand why the EU decided to prop them up? The UK will have spent 22 Bn ounds by the end of the year on Greece, yet we can berely afford to fund our own schools. It is ridiculous. I wish the UK gov would finally realise that we are now a world power, nor are we anything other than an average developed country.