british exposure to greek bailout

[pompeyfaith]

Britain could be hit with losses of up to £366billion from the collapse of the Greek economy, it has emerged.
The potential devastation of banks and other City institutions would be equal to 24 per cent of our annual national output, or £14,640 for every family in the UK.
Ministers had claimed that British banks have 'only' £2.5billion of exposure to Greek government debt, while the Bank of England says the potential losses would be just £8billion.

Read more: http://www.dailymail.co.uk/news/arti...#ixzz1PxLm252F

[roomtobreathe]

Re: british exposure to greek bailout

The latest loans from the EU/IMF to Greece are to service already existing debts.

If Greece defaults then let the financial institutions that have lent them the money take the hit, rather than having national governments coughing up just to make up the bankers' losses. Nobody has stepped in with more loans for me when I got into financial trouble! If the Greek government had any balls it would nationalise the financial institutions and tell the speculators to sling their hook.

Argentina defaulted a few years ago and the world hasn't stopped spinning. England has also defaulted twice in our history. Didn't do us any harm.