Markets continue to tumble across the globe, as the Euro crisis deepens. Since the election in Greece, no new coalition government has been formed, so no agreement reached on the austerity cuts to satisfy agreements with euro partners. The German Chancellor has now told Greece, if they do not stick to their bailout agreements, they will be expelled from the Euro.

In Greece 70% voted for parties against the EU-IMF imposed austerity, but 69% of Greeks want to remain in the Euro. A leaked report has shown that Germany are drawing up plans for a Greek exit from the Euro.

But this has significant dangers:

•  If Greece goes – will Italy, Spain, Portugal and Ireland want to follow?
• What happens to the greek debt? It’s in Euro’s not drachma, ….Greece’s creditors would loose billions.
• The European banking system is already on it’s knees, Greece’s exit could see major banks across Europe collapse.