The rescue package, issued by the European Union and priced as much as 45 billion euros (or $61 billion), eased concerns about the ability of Greece to deal with its debt and made traders to look for another country with fiscal crisis severe enough to damage the economy and hurt its currency. And it seems that such country should be the U.K. with its deficit climbing as high as 11.8 percent of gross domestic product the last fiscal year and closing near the Greek budget shortage, that of 12.9 percent in the previous year.
The analysts consider the economic situation in the Britain to be worse than in Italy, Spain and Portugal. And a prospect for the improving situation is not supported by the opinion polls, which suggest that the forthcoming election may result in stalemate, leaving the country without the government strong enough to deal with the budget shortage.
GBP/USD traded at 1.5378 as of 17:28 GMT down from the opening price of 1.5448. EUR/GBP traded near 0.8830 after it opened at 0.8821
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