Meltdown: Failure of eurozone countries to get control of their debts could lead to billions being wiped off the global economy, experts have warned
By James Chapman, Becky Barrow and Jason Groves
Daily Mail, 20th July 2011
While Westminster fiddled over the phone-hacking frenzy, the European economy was burning last night.
World financial watchdogs issued an extraordinary warning of a global economic ‘earthquake’ triggered by the failure of many countries to get to grips with massive debts.
To add insult to injury, it emerged yesterday that those largely responsible for bringing Britain’s economy to its knees – bankers and finance workers – have scooped bonuses totalling £14billion this year.
While the phone-hacking scandal will be investigated by a public inquiry led by a senior judge, there has been no equivalent investigation into the actions of bankers and the Government’s failure to hold them to account for triggering the financial crisis.
There were growing calls for Westminster to lift its gaze from phone-hacking and focus on the threat to the livelihoods of millions.
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