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Eurozone Crisis: FTSE 100 Opens Down Despite G20 Meeting

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First Posted: 26/09/11 09:56 BST Updated: 26/09/11 09:58 BST   PA

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PRESS ASSOCIATION -- The London stock market continued to slide as traders digested emerging details of a multitrillion-pound eurozone rescue plan.

The FTSE 100 Index was nearly 2% lower as crisis talks between world finance leaders in Washington over the weekend failed to inspire traders.

Emergency measures to rescue the euro, costing two to three trillion euros (£2.6 trillion), and potentially allowing an orderly debt default in Greece, could be revealed in a matter of days.

But Cameron Peacock, market analyst at IG Markets, said: "The key demand from investors is for action as opposed to words."

Britain's top 100 companies saw £78 billion wiped from their value last week as the sovereign debt crisis and America's creaking public finances fuelled fears of another global recession.

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PRESS ASSOCIATION -- The London stock market continued to slide as traders digested emerging details of a multitrillion-pound eurozone rescue plan. The FTSE 100 Index was nearly 2% lower as crisis ...
PRESS ASSOCIATION -- The London stock market continued to slide as traders digested emerging details of a multitrillion-pound eurozone rescue plan. The FTSE 100 Index was nearly 2% lower as crisis ...
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Ramvolmar
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10:00 PM on 09/26/2011
$1Billion's enough!

Has anyone asked where all this money's gone?

In our rush to pump more taxpayers money into failing economies and into Banks that continue to pay their generous bonuses. Have we taken a minute to say..."hang on 1 sec, you want more taxpayers money to pay the debts of an economy that can't collect or implement a workable taxation system themselves!'

How about we swim out to the superyachts parked up in the Med, find the top 10 Greek billionaires for example, and tell them to fund their own country. Oh, that happens to also be the one that they probably got all their billions from in the first place!

There's no suggestion here against capitalism. The issue is excess.

$1Billion should surely be enough to keep them in the lifestyle they enjoy. Everything above this in excessive and should be paid into a central fund to re-finance their country.

If we're looking to the taxpayer to fund capitalism further, we should all think again. The current financial climate has surely demonstrated that uncontrolled capitalism doesn't work. All it does, is allow individuals to amass huge wealth at the cost of the general populus. We should set the limit for personal wealth at $1Billion. Additional wealth beyond this, should be redistributed and all additional income thereafter used to create more employment and re-balance costs to customers and suppliers, therefore continuing to fuel and grow the economy.

$1Billion's enough!
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eric14
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02:39 PM on 09/26/2011
Speculators and financiers tell us so often that things are unpredictable, but when things actually become REALLY unpredictable, the entire financial edifice of capitalism starts quivering like a big jelly in the wind.
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