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Britain Not to Take Part in Bailing out Greece

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TEHRAN, June 23 (ICANA) – These are scenes from Greece after their leader George Papandreou received a vote of confidence from his Parliament, giving the green light to a host of new austerity measures for the country in an attempt to support its struggling economy.
Thursday, June 23, 2011 9:55:45 PM
Britain Not to Take Part in Bailing out Greece

Here in the UK, the government was less forthcoming with an offer of help.

Prime Minister David Cameron strongly believes that Britain should not be involved in bailing out Greece, should this action be necessary.

The former Foreign Secretary Jack Straw has gone one step further saying that the Euro cannot last in its current state. This adds to fears that, if the Greek economy collapses, it could bring down the entire currency, devastating other countries which are also in financial turmoil.

At her home in Oxford, not far from London, Economist Vanessa Rossi believes that this panic may be a little premature.

One suggestion by some politicians has been to let Greece default on its payments and go bankrupt, but this could have more serious implications.

There was violence on the streets of the Greek capital Athens as news reached them of the money saving measures, including billions of Euros of budget cuts, which will be in place until at least 2015. They're angry that future generations will have to carry the burden of the financial mistakes made by governments today.

The country is in negotiations for a second bailout, one which Britain will play no part in.

Although on the face of it, it doesn't seem like a British problem, there will inevitably be a knock on effect for the UK if Greece goes bankrupt. To ensure that we avoid another financial crisis, it's important that Britain does what it can to help keep Greece afloat.

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