With talks in Caen ongoing the Greek Prime Minister George Papandreou has proposed a referendum on the second European bailout package with hopes that these proposals will revitalize the debt ridden countries fortunes.
The proposals have already been criticised by the global community and the Greek Finance Minister Evangelos Venizelos has controversially come out and said that the plans were ‘naïve.’
Venizelos said to Reuters: “The bailout ought to be approved by an increased majority of 180 lawmakers in the 300-seat parliament. He said the debt-choked country needed its sixth tranche of aid from foreign lenders before December 15.”
The impact on Lincolnshire though does not look as bleak as first people first thought.
The University of Lincoln’s head of economics David Gray said: “ Our [Lincolnshire’s] industrial structure will be orientated around food, now food prices have been doing very well over this last few months.”
He added: “I would anticipate that food prices are going to become more and more expensive, as it becomes more and more expensive more profit is made by farmers in Lincolnshire.”
However the referendum on the bailout package looks certain to have an impact on share prices as confidence in the single currency wanes.