Did the Greek Bailout fix the problem?

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Martin Jacomb is the chairman of Share Plc and former director of the Bank of England. He stated that whilst the EU’s motives for rescuing Greece have been to prevent another banking crisis and to preserve the overall state of the euro, the policy will not work. Whilst there is no process in place allowing countries to leave the euro, Greece will remain uncompetitive and therefore, a bailout only delays the inevitable.

Today has seen German and European purchasing manager index figures released. Whilst the levels are slightly lower than previous, they are still above the targeted level of 50. This can be seen as positive and has therefore had little effect on the markets. However, with the ECB expected to raise interest rates on July 7th, even with concerns over Greece lingering, don’t expect too much movement on the single currency in the lead up to the announcement.

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Did the Greek Bailout fix the problem?

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