Sunday, May 20, 2012

Euro collapse permanently damages UK


Source: Press TV
http://www.presstv.ir/detail/2012/05/20/242118/recession/

Britain's economy may suffer permanent damage and “never quite get back up” if the euro collapses in a chaotic way, the government’s chief economic forecaster has said.

Robert Chote, the head of the Office of Budget Responsibility, issued the warning amid fears of financial shockwaves across Europe if Greece crashes out of the single currency.

The senior government economist said this could cause a recession as bad as the last one and “lingering, long-lasting effects” for Britain’s public finances.

He said it could “permanently hamper the economy” in the worst case scenario, raising the prospect that Britain may never again see the same high growth it has had in recent decades.

Worries that Greece is finding it too painful to stick to its public spending plans have caused fresh warnings about the future of the eurozone over the last week.

The Chancellor, George Osborne, has described the possibility of Greece leaving the euro as a “genie out of the bottle”, with people now talking openly about the prospect.


No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab