What is the “chancellor of the exchequer” in England?
Wikipedia: “The Chancellor of the Exchequer is the (wordy) title held by the British Cabinet minister who is responsible for all economic and financial matters, equivalent to the role of Minister of Finance or Secretary of the Treasury in other nations.”
Britain’s chancellor of the exchequer George Osborne has warned that the risks of a “very bad outcome” from the Greek debt crisis have risen.
Speaking in Istanbul, Obsborne said that there was a growing danger that the deadlock over Greece’s bailout program would spiral out of control.
Osborne raised the pressure on Athens, and its creditors, by declaring:
“It’s clear that the risks to the world economy, the risk to the British economy of this standoff between the eurozone and Greece, is growing each day.
“The risks of a miscalculation or a misstep leading to a very bad outcome are growing as well.”
Osborne said the UK had been arguing for both sides in the Greek debt crisis to find some common ground, during the G20 meeting of finance ministers in Turkey.
According to sources, Germany and Greece are heading into an emergency meeting with official creditors today, setting the stage for a clash over Greek debt and Greece’s monetary union with the Eurozone.
The repercussions of a Greek exit and Eurozone break-up could be catastrophic for both the European and global economies.
German Finance Minister Wolfgang Schaeuble rejected Greece’s call for a new debt accord, while Greece’s new Prime Minister Alexis Tsipras remained defiant, saying there is “no way back” for his government, and that he can’t condemn his people to more pain.
“We will not get a clean close to this crisis today,” Michael O’Sullivan, chief investment officer for the U.K. and Europe, the Middle East and Africa at Credit Suisse Private Banking in London, said in an interview on Bloomberg Television. “I think this will drag on. The Greeks have digested a record amount of austerity, so they’ll want some relief from that.”
Any agreement would require an easing of Germany’s stance over conditions attached to Greece’s 240 billion-euro ($272 billion) bailout. A non-settlement risks leaving Greece without funding as of the end of this month, when its current bailout expires, and it may put Europe’s most-indebted state’s euro membership in danger.
According to Euronews, German Chancellor Angela Merkel believes the eurozone could cope with a potential Greek exit.
Her government considers a Greek exit almost unavoidable if the left-wing Syriza opposition party, which wants to cancel austerity measures and a chunk of Greek debt, wins an election set for January 25.