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“The Greek economy is on the verge of catastrophe we absolutely need a deal on Sunday. It is the final deadline, afterwards it is too late” the words of Christian Noyer head of Banque de France and a senior moderate on the ECB’s governing council. This quote it a stark reminder we are on the verge of a major European economic shock.
You will have seen images broadcasted around the world of Greece’s Banks with shutters down and lengthy ATM queues. The plight of the country is sad to see and the common citizen seem to be suffering the most, some of the reports are heart-breaking and it is difficult to comprehend how in 21st century such scenarios exist. Alexis Tsipras has stated his country has been an “austerity experiment” and the country’s No vote to austerity was little surprise. Nonetheless, the next 3 days will have the biggest bearing on Greece and the Eurozone’s future.
If no deal is struck by Saturday 11 July EU leaders are to be summoned to Brussels on Sunday 12 July in an attempt to resolve this dire situation. One key things that leaders will be discussing is humanitarian aid as Greece’s medical, fuel and food supplies are at a worrying low level.
If no deal is reached on Sunday then “Grexit” is inevitable. The government default and bankruptcy imminent the European Central Bank would likely withdraw the £89billion emergency loans which are keeping Greece’s Banks alive.
The effects on the Eurozone are not yet fully understood but we are potentially entering a new era and we will follow it with great interest. There are many resources available for you to follow the Greek saga so we will continue to bombard you with detail but following this weekend we may know where we stand!
The overriding feeling from EU Property Solutions perspective that even with debt as this high level it is still incredibly personal in its effects and the trickle down to the Greek public is there for all to see. We understand the effects debt has on individuals and everyone has their own way of dealing with debt. The best advice we can give is to act on the situation and open up with someone. EU Property Solutions advisors are happy to listen to your situation and in all likelihood following a free initial consultation you will feel far more comfortable in your position and can see a route forward. To discuss any European Debt Predicament please give us a call on +44 (0) 330 1241230.
I hope you all follow the Greek story over the weekend.
James Bell – Director