If Greece goes pear-shaped, Britain may go too

The righteous have their work done for them by others, the old Jewish proverb insists. Now that newspapers from the Daily Mail through to the Financial Times routinely run headlines describing ‘capitalism in crisis’, what purpose can possibly be served by rising at the crack of dawn to sell Socialist Worker to the early shift? It must take all the fun out of being a Trot.

Yesterday morning Greece admitted that it cannot meet deficit reduction targets, something that will surprise few observers. Instantly, the share prices of major European banks with exposure to Greek debt fell sharply. The Footsie was, at the time of writing, back below 5,000. Continue reading