As concern grows that the Eurozone is falling deeper into recession, finance chiefs are hammering out plans to safeguard the region’s banks. EU Commission President, Jose Manuel Barroso, said there were plans to recapitalise them. There’s doubt that the next bailout installment for Greece will actually go ahead, and fallout from the country’s resulting default would deal a severe blow to Europe’s banking sector.
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In Greece itself the latest 24-hour nationwide strike turned violent, as police fired tear gas on angry crowds of anti-austerity protesters. The government is imposing more cuts on its people, trying to cap a massive debt of some 350-billion Euros. The country ground to a halt, as workers walked out in a general strke, leaving flights grounded and hospitals relying on emergency staff.
