The Eurozone has just been given one hell of a lot of money. EU finance ministers have agreed to Euro countries having access to 440bn euros of loan guarantees, and 60bn euros of emergency cash. And then on top of that, the IMF have said they could provide up to 250bn euros. So altogether the Eurozone in effect has just been given 750bn euros to make sure Europe doesn’t go bankrupt and the Euro currency doesn’t fail.

But this is only a temporary measure. Greece still has to see to it’s crippling deficit. Remember that this money isn’t there to pay the debt off, it’s there to make sure Greece doesn’t default on it’s payments. So they still have to see to their massive deficit, as do Spain, as do Portugal, as do Italy and as do we!

This money is here as a back up. Countries with big budget deficits are going to have to make public spending cuts as quick as is viable, and raise tax levels just as swiftly. I feel that the time is now upon to see to the massive levels of debt countries owe, and if it’s not done now, we can expect enormous financial difficulty.