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Greece debt crisis could affect UK

Published on 5 May 2010 under category: legal

Greece's national debt crisis could have a knock-on effect to UK businesses and the situation should be worth monitoring, one expert has said.

Andrew Goodwin, senior economist at analysis organisation Oxford Economist, commented: "I think for the UK, we're far enough away in terms of problems and the knock on effects of Greece for it not to be a huge problem at the moment, but it is certainly worth monitoring."

As protests heighten in the European country and member states begin talks to save the nation from bankruptcy, Mr Goodwin warned that as the UK is a high-deficit country it too will "become a target" if no "sensible fiscal consolidation plan" is put in place.

A statement from the European Parliament and the international monetary fund (IMF) stated this week: "The support from European countries, the European Commission and the European Central Bank and the IMF demonstrates a very high level of external commitment and attests to the goodwill for Greece from the international community."

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