UK Treasurer Says Greek Debt Dispute Biggest Threat to Economy

Greece’s new left-wing government has begun a charm offensive across Europe in an effort to drum up support for a new debt deal — but failed to convince the U.K. that it poses no threat to the euro zone economy.

Greece’s Finance Minister, Yanis Varoufakis, met with U.K. Treasury chief George Osborne Monday to outline how the country will renegotiate its debt burden. However Osborne left the meeting with a stark warning for the euro zone.

Osborne said that the debt dispute between the new Greek government and the euro zone was fast becoming the biggest risk to the global economy.

“We had a constructive discussion, and it is clear that the stand-off between Greece and the euro zone is the greatest risk to the global economy,” Osborne told reporters after the meeting, according to Reuters.

“I urge the Greek finance minister to act responsibly but it’s also important that the euro zone has a better plan for jobs and growth,” Osborne said.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza