A trader works the phones at the Metal Exchange in the City of London as the FTSE fell
Tuesday October 4,2011
By Emily Fox for express.co.uk
THE Eurozone crisis sparked another plunge in the FTSE today as fears Greece could default on its debts and sink the euro intensified.
Eurozone finance ministers delayed a decision as to whether to pay the debt-stricken nation the next tranche of its 110 billion euro (£94.4 billion) bailout money, sparking further doubts that it will keep up with its debt repayments.
Officials have been warned by the International Monetary Fund that bickering could lead to global financial collapse if action is not taken soon.
The FTSE 100 Index fell 3 per cent at times slipping below 4900, extending its abysmal form after its worst quarter for nine years saw nearly 14 per cent wiped off its value.
Banks were the biggest losers as fears over the sector were heightened when Deutsche bank issued a profits warning, blaming financial market volatility and more charges on Greek government debt.
Officials have been warned by the International Monetary Fund that bickering could lead to global financial collapse if action is not taken soon.
The FTSE 100 Index fell 3 per cent at times slipping below 4900, extending its abysmal form after its worst quarter for nine years saw nearly 14 per cent wiped off its value.
Banks were the biggest losers as fears over the sector were heightened when Deutsche bank issued a profits warning, blaming financial market volatility and more charges on Greek government debt.
 FTSE 100 plunged amid Greek debt fears  |
And there were rumours that Belgian lender Dexia may need to be split up after its debt rating was put under review.
Lloyds was 8 per cent lower, while Barclays and Royal Bank of Scotland were down 7 per cent.
The price of Brent crude oil also fell below 100 US dollars a barrel, reflecting growing pessimism about the global economy.
Fears of a double-dip recession are rampant as the IMF said that the global recovery was in a dangerous phase - the continued uncertainty in Greece will only add fuel to the growing problem.
The only way out for Greece & that's to leave the EU & start using their natural currency, but what about the debt I hear you cry? Well, my response would be directed at the 'people' that are powerful enough to lend countries money, of which is seemingly created out of thin air & paid back with interest! We all have to ask ourselves who are these mysterious people, & what are they doing to alleviate the dire financial situation? The answer to that friends is ...NOTHING! They are the epicentre of the problem, "Permit me to issue and control the money of the nation and I care not who makes it's laws" — Mayer Amsched Rothchild.
And there we have it, these world bankers have been holding the world to ransom for decades, hiding in the shadows, never mentioned in the mainstream news, so why do our governments do nothing about this globally corrupt organisation? That friends, is a question we should all be asking.
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