Ignis' Thomson: Greek rescue package 'the first of many'

Yesterday's new rescue package for Greece will be the first of many, according to Stuart Thomson, chief economist at Ignis, who added Europe's next problem will be recessions in Spain and Italy.

Last night, EU leaders agreed a further €109bn (£96bn) bailout for Greece, one-third of which will come from private sector bondholders. "We have no doubt there will be further debt devaluations and to manage these we will have to go through a series of events such as what we saw yesterday. "Essentially, this is a repeat of last year. The first Greek package led to massive relief. There was willingness to believe this had solved a problem," added the economist. "We will now have a summer of content for the eurozone. But the next problem will not be about Greece, Ireland, Portugal, ...