Fears Greece will default as debt crisis deepens

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The financial crisis in Europe deepened last night after fears that Greece was almost certain to default on debt repayments.

The crisis has escalated and there are now growing concerns that state of the Greek economy could have adverse effects on other nations including France whose banks are heavily exposed to the Greek debt.

Yesterday there was speculation that China was behind a move to buy up Greek bonds in an effort at shoring up the Eurozone.  Europe is a larger trading area for Chinese goods than the USA and the Chinese will be keen to keep markets trading and ensure their own workers continue in employment.

International lenders are due back in Athens on Monday to discuss a further €8bn loan the Greek government says it needs in order to pay salaries and pensions.