Greece debt crisis sends financial markets falling
Published: 16th Jun 2011 10:37:29
Financial markets have fallen further as investors sold shares on fears about the impact of Greece's economic crisis.
Every European market opened lower, with London, Paris and Frankfurt initially down more than 1%.
The sell-off followed falls in Asian markets, with investors worried that the Greek economy has reached a tipping point and that contagion will spread.
Greece's prime minister will try on Thursday to form a new cabinet and push through a debt restructuring plan.
To avoid the government defaulting on its debts, George Papandreou must pass new spending cuts and sell-offs of state property to receive new bail-out funds from the European Union and International Monetary Fund.
But rioters have again taken to the streets, and on Thursday, George Floridis, Greece's former deputy finance minister, resigned in protest at the slow pace of economic reforms.
There have been reports that Mr Papandreou may seek to replace his finance minister, George Papaconstantinou, the main architect of hugely unpopular budget cuts.
The crisis comes amid a backdrop of soaring unemployment, with new figures on Thursday showing that the jobless rate rose to 15.9% in the last three months, up from 14.2% for the same quarter last year.
French and European Central Bank officials have warned that a restructuring of Greece's 350bn-euro debt as proposed by Germany could cause a default that would shake the whole eurozone.
French President Nicolas Sarkozy on Thursday urged other European leaders to find a compromise on Greece's debt crisis to stabilize the euro.
Without stability, there would be no economic growth in the eurozone, he said.
France's three biggest banks are at risk of a credit downgrade because of exposure to Greek debt.
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Harvard CitationBBC News, 2011. Greece debt crisis sends financial markets falling [Online] (Updated 16th Jun 2011)
Available at: http://www.ukwirednews.com/news/162592/Greece-debt-crisis-sends-financial-markets-falling [Accessed 21st Aug 2014]
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With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
To radio and television audiences, Gerry Anderson meant humour, music and a wry look at life.