Greek financial crisis could hit Britain, warn economists

Businessmen and economists are warning the crisis affecting Greece could be coming to Britain unless the next Government takes drastic action to cut the national deficit.

They warned that hedge funds and speculators would pick off weaker European economies “like they did with the banks”, while senior businessman said the party that wins the election had to be on a “war footing” to deal with the scale of the crisis.

A widespread stock market sell-off was triggered yesterday when ratings agency Standard & Poor’s cut Greek debt to junk status, while a downgrade to Portugal reignited worries about a growing eurozone crisis. Read more...