By Maximilian Clarke
As the world’s 20 leading economies convene in Cannes for a second day of meetings as Greece, and possibly Italy and Spain apparently teeter on the brink of collapse, one market analyst is optimistic about the talks.
John Douthwaite, CEO of SimpyStockbroking, discusses the talks and the possible ramifications if Greece votes against its bailout package.
"Ambiguity about Greece’s future has put pressure on markets around Europe as they continue to fall. All eyes are now on Europe after the news of the Greek referendum. The eurozone issue is a major concern for the 20 World leaders attending the Summit as they are feeling the pressure to construct a plan of action and take steps towards economic recovery.
“Despite optimism on the eve of the EU crisis talks last week, the markets are still in a state of flux that needs to be resolved, not just by the Greek parliament but also the leaders at the G20 summit. Investors need their confidence to be restored by a detailed and concrete resolution to the European debt crisis and leaders should act urgently to ease the unrest caused by the announcement of the Greek referendum.”
“Of further concern are the repercussions that could take place if the bailout package isn’t agreed by Greece as the effects could be catastrophic for the world economy and global markets. All of the world’s leaders at the G20 should have a focus on returning to growth at all costs if they wish to return to a new era of stability.”
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