Posted by Zeb BhamForex dealers may be pleased to hear that despite the ongoing economic uncertainty the UK will avoid slipping back into recession.That is according to the secretary of business and innovation Vince Cable, who told Reuters that the situation is being handled in the correct manner by the nation's government.It marks a change in opinion for the MP, as the news source noted that he recently informed ITV news that a further downturn may be imminent.Last week, European leaders agreed on new measures to help the eurozone recover from its debt issues, including banks agreeing to take a loss of 50 per cent on debt they are owed by Greece.The meeting between heads of government including French president Nicolas Sarkozy, German chancellor Angela Merkel and UK prime minister David Cameron led also led to a deal to increase the bailout funding from €440 billion (£385 billion) to €1 trillion.In addition to this plans were put in place that will see Greece's deficit lowered to 120 per cent of gross domestic product by the year 2020. At present it stands at 160 per cent.Mr Cable suggested that this is also welcome news for the global economy and provides "light at the end of the tunnel" and is a "step forward".He advised that focus should be place on the outlook in the medium to long-term rather than quarterly results, suggesting returning balance is "absolutely crucial".Mr Cable was also upbeat about the situation closer to home, stating: "In the UK, we certainly have short term growth issues, but we have no doubt of the direction we are headed."We are working to reduce our deficit. We are working on strengthening our economy, rebalancing it."This follows recent comments made to Reuters by Damien Boey, equity strategist at Credit Suisse in Sydney, cautioning that it is not yet clear how the rescue fund will be increased from its current level.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site