The domino effect is about to begin. As Germany refuses to give more money, talks in Greece stall and share markets tremble. The first instalments: Greece, Ireland, Portugal, Italy, Spain and more to follow as German lenders are hit with a debt Tsunami and Britain prepares itself to comply with an agreement worth more than 400 billion pound. If Ireland, Portugal, Greece, Spain and Italy don't pay... Germany and Britain pay.
What could this mean for British taxpayers? More cuts and the sudden collapse of many exporting businesses. In the meantime, it was revealed that European banks are transferring assets to America. It reminds us of the time after the collapse of the New York Exchange in 1929 when America drained Europe of assets merely because its own economy was in trouble.