Eurozone crisis 'far from over'

According to risk analysis company CheckRisk, the Eurozone crisis continues to deepen.

The firm said that, after having reviewed reports over the weekend, the only global markets where risks have eased are to be found in Asia.

CheckRisk’s forecast of a -5% to -10% correction in Asia is now complete; risk has reduced although global geopolitical contagion risks "still exist".

News that the Minister for Transport Leo Varadkar has told the Sunday Times that further bailout monies are likely to be required by Ireland as debt markets will remain closed to them beyond 2012 will send new risk into the markets today.

Whilst Greek problems are different to those in Ireland, the solutions to both countries have been similarly ineffective.

The likelihood of a Greek default is extremely high, and Ireland is unlikely to escape the same fate unless it is able to radically renegotiate the terms of its deal.

The firm concluded by saying that "the Eurozone crisis is far from over".

"For as long as Euro politicians deal with solvency issues by adding more debt the problem cannot be solved."