Lessons in the "Economy" Category

New British notes and coins

Britain has a new £5 note. The Bank of England released the new polymer plastic £5 bank note into general circulation in England and Wales** on Tuesday. It marks the start of several big changes the Bank of England is making. The new fiver will see the Queen on one side, and Winston Churchill on the other. It will be 15% smaller than the current cotton-paper note.

For now, it’s only fivers that are changing. Plastic £10 and £20 bank notes will follow later. The new tenner will feature Jane Austin. It will enter circulation next summer. The new £20 note will arrive in 2020. The Bank has yet to decide on £50 notes. Be aware that existing £5 notes cease to be legal tender from May 2017!

**Scottish fivers will begin to change in late September and October.

A crisis of Greek proportions

There’s been trouble in Athens just recently. A Greek crisis of monstrous proportions that if not capped could bring down other economies in Europe. Greece, virtually bankrupt, has been brought to its knees in the last few weeks with turbulent unrest and civil strife in the Greek capital. There have been national strikes. Worse, demonstrations turned into riots with vigilantes’ attacking banks and other civil buildings, setting them on fire; horrendously killing three bank workers in the process.

The Greek Prime Minister was desperate to stave off bankruptcy for his country; his parliament forced to beg and accept financial help from the European Union. If not them it would have been the IMF but the EU hierarchy is against outside ‘foreign’ help unless absolutely necessary. Instead, it has come up with its own aid package.

The EU is lending Greece €110bn, a colossal amount of euros, in order to prevent Greece from going bankrupt. By doing this it is sending a stern message to the money market speculators to back off Greece and let it function properly.