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Updated 20:54 08/05/21

Osborne warns Greek default could cause new global crisis

By Duncan Richardson, News Editor

20 Apr 2015

UK Chancellor, George Osborne, was warned the battle between Greece and its European creditors is nearing “crunch” point, and if mishandled could spark a new global crisis.

Osborne said the Greek crisis is now the biggest threat to the world economy and will be the main focus for central bankers and finance ministers when they meet in Washington later this week.

May will be a critical month for Greece as they attempt to pay a $1bn bill to the IMF and 1.7 bn euros in pensions and salaries. It appears the ECB and IMF are in loggerheads with the newly elected Greek government who are refusing to cut public sector wages, increase taxes or sell state owned assets.

The Greek electorate wants an end to austerity and remain in the Eurozone. However, this may not be achievable and if a deal cannot be reached the Greek government may call a snap election and ask the Greeks population to decide. Such actions would cause massive instability in the financial markets.

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