Corporate foreign exchange news

Published by Mark Smith-HalvorsenBritain's beleaguered economy should be as much of a concern as the instability witnessed in Greece and Spain, one former International Monetary Fund economist has claimed.Speaking to the BBC, Simon Johnson declared that the debt crisis witnessed in both European countries may soon become apparent in the UK.He explained that with a spiralling budget deficit and little positive plan for fiscal strengthening now that the economy is growing again, Britain could see its triple-A debt rating come under serious pressure.His comments came as Group of Seven leaders met to discuss the mounting debt crisis, although Mr Johnson had little confidence in the cadre, which he described as "fundamentally useless"."They seem to show no awareness at all that much of Europe is facing a serious crisis and it's not limited to Spain, Greece and Portugal," he said, adding that Ireland, England and Italy are also in the firing line.The mounting crisis has sent the euro into a tailspin against both the pound and the euro, while confidence in high-yield currency futures has also been knocked.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site