The G20 meeting, which was originally intended to seek a solution to the eurozone debt crisis, was yesterday dominated by the shenanigans in Greece. At one point, the Greek Prime Minister was set to resign – this now appears to be unlikely. The referendum that he had called earlier in the week now also appears to be off the cards. What is happening (at least, what seems to be happening at the moment, but following yesterday’s flip-flopping it’s hard to be
The news this morning is full of praise for the deal which the eurozone leaders have hammered out overnight to deal with the debt problems. The purpose of the deal is to try and stop the Greek debt crisis spreading to larger eurozone economies like Italy and Spain.
Spain and Italy are both in the spotlight today, but for different reasons.
Standard & Poor’s has downgraded Spain’s long-term credit rating by one notch (from AA to AA-) after reports of weak growth combined with high levels of private-sector debt. The country’s high level of unemployment could also