Saturday, August 18, 2012

Greece's debt soars £20bn in three months... New crisis could bring break-up of euro closer

Greece's debt has soared by nearly £20billion in three months, as European leaders were given fresh warnings to brace themselves for the break-up of the Eurozone.

The crisis-hit country now has central government debts of £238billion. This is £18billion more than the £220billion owed at the end of the first quarter of this year.

Government debt in Greece peaked at the end of last year, hitting £289billion.

The country has been struggling with financial collapse since late 2009, and has relied on rescue loans from the International Monetary Fund and other Eurozone nations.

If Greece leads the European Union into a break-up of the single currency more than £100billion could be wiped from Britain’s economy. Read More