Greece1

Here's the question: which country is sliding faster towards the economic unknown and uncertainty amid hostility towards all things European? Is it the Greeks, where more than 70% of the population want to stay in the euro, let alone remain in the European Union (EU)? Or is it the UK, where polls show about half the population may be willing to quit the EU?

The election result in Greece is no surprise, given the unpopularity of the austerity policies adopted by previous governments in order to rein in the country's burgeoning debt. The success of the Syriza party was based on its promise of being able to renegotiate the terms of the country's debt and lessen the burden on the ordinary Greek citizen. Whether it will achieve its aims is up for debate (there are noises that the Germans may be willing to let the Greeks leave the euro rather than back peddle on the agreements of the past few years).

But what is certain is that the Greeks strongly want to remain in the single currency, and last week's introduction of quantitative easing shows that European leaders and policy makers are willing to take further steps to boost the region's economy, while at the same time remaining tough on government spending.

The news from Athens isn't a sign of the euro disintegrating – the result was something that most people knew was going to happen. But that doesn't stop it being good drama for the era of rolling 24 hour news.

This content was generated prior to Turcan Connell Asset Management Limited operating as Tcam.



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