Beware of Greeks bearing IOUs

Poking through the continuing blanket election coverage a story with the potential to derail the incoming Government: the devastation being wrought to the reputation and viability of the Euro by the tribulations of the Greek economy.

Years of laissez-faire and low-level corruption are coming home to roost in Greece. The ability of Eurozone countries to support the Greek economy is complicated by the markets threatening to downgrade the status of economies of Spain, Portugal and perhaps Ireland and Italy. Especially when the likes of Goldman Sachs start betting on the outcome.

Hmm. The day after the election will include focus politicians minds on how to keep Britain's economy out of the gathering vortex and avoid going down the plug-hole, irrespective of the specific fiscal tools the Cabinet may have at at its disposal.

A corollary to this is the lack of funds the Greeks are currently investing in its ancient treasures like the Acropolis in Athens. To be blunt, its national heritage is crumbling and international help may be needed to shore up the monuments.


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