Co-operative calls for urgent action on Greek debt

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Co-operative calls for urgent action on Greek debt

Governments in several European countries are too far in debt and it is worrying investors, a representative from the Co-operative has suggested.

Mike Fox, head of equities at the Co-operative Asset Management, highlighted the case of Greece as the most prominent, but listed Portugal, Ireland and Spain as places that are also causing concern.

In his view, governments need to act swiftly to calm the markets and offer the stability needed if a major crisis is to be avoided on the scale of the sub-prime mortgage problem.

"The parallels between this and the sub-prime crisis, when the response came too slow to avert a severe recession, are striking," he stated.

Mr Fox suggested that one factor that may be slowing down the resolution of this situation is "the EU's disparate political framework".

Head of research at the Co-operative Asset Management Paul Mcginnis told investors that there will be good opportunities for them after the election no matter which party wins, with private healthcare, public sector outsourcing and renewable energy listed as sectors to keep an eye on.

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