The British economy will be hit hard by the turbulence further in the euro area, David Cameron has warned, despite the widespread relief on global financial markets as a new leader was installed in Greece and the Italian politicians supported the measures severe austerity.
The fragility of the UK economy will return to light next week, with the latest unemployment figures expected to show that the loss of jobs in the public sector and the collapse of trust between the companies led to rapidly rising unemployment.
The Chancellor has made clear that it intends to blame the deterioration of economic prospects channel case, and to insist that the deviation of its strategy of deficit reduction would expose the UK to a loss of investor confidence in the face Italy in recent days.
Former Bank Vice President Lucas Papademos was sworn in as prime minister in Greece promises to implement the reform measures and spending cuts required as part of its latest international rescue package agreed in Brussels earlier this month.
Jonathan Loynes, economist at Capital Economics in Europe, said: .. "It always seems to be extraordinary complacency effect all this will have on the euro area, all indicators point to a deep recession, and everything explode without the euro if the euro moves up, another Lehman, or even more. "
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