Don’t knock the latest Euro deal says Titan Business Insurance who believes that the politicians are playing for time and aren’t yet cause a banking crisis.
Titan Business Insurance, one of the largest brokers in the sector, believes the businesses throughout the UK should welcome the latest Euro deal which will help the recovery begin in earnest.
After the latest crisis talks amongst European heads of state and finance ministers, a new bailout for Greece worth €109 billion has been organised through the European Financial Stability Facility, in effect the primary European rescue fund.
Although Greek politicians wanted the new bailout, much of the population of the country believe that they should be allowed to go bust and come out of the euro, thereby saving the hardship of further austerity measures. Others argue that this would be the doomsday scenario and mean that Greece would be cast adrift by the international financial community and never recover.
Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:
“Some people claim, and they have a point, that Greece should be left to go bust, afterall, how will they ever be able to service £264 billion of debt, but what that could do is cause a European banking crisis which could very well scupper all chances of a recovery for many years to come.
“We believe that Europe’s politicians have no choice but to play for time and delay the almost inevitable failing of some economies, and put that back to a better stage in the recovery, when the system can withstand a major banking shock.”
Titan is one of the UK’s largest business insurance brokers and combines a knowledge of the market with highly competitive prices.
Contact: Titan Insurance on 0207 731 3700 for any enquires.