Politics to hurt British markets: French official

PARIS (BestGrowthStock) – Britain’s markets are likely to be hit because of political uncertainty, but London should not rely on EU help if it suffers a financial crisis, the head of the French financial markets watchdog said on Tuesday.

Jean-Pierre Jouyet, who was European affairs minister from 2007-2008, told Europe 1 radio that Britain’s refusal to sign up to a $1 trillion package to stabilize the euro showed that the European Union had now fragmented into three distinct groups.

“There is not a two speed Europe but a three speed Europe. You have Europe of the euro, Europe of the countries that understand the euro … and you have the English,” he said.

“The English are very certainly going to be targeted given the political difficulties they have. Help yourself and heaven will help you. If you don’t want to show solidarity to the euro zone, then let’s see what happens to the United Kingdom,” he added.

A British parliamentary election last week failed to produce an outright winner and the two main rival political parties are trying to woo the smaller Liberal Democrats to agree a power-sharing deal.

Against this backdrop of political uncertainty, London told its EU partners at the weekend that it would not provide support for the euro, which has been battered by the Greek debt crisis.

The move clearly irritated some French officials, who have been quick to point out that both Poland and Sweden, which are not in the euro zone, agreed to help finance a 60-billion-euro stabilization fund for euro zone states in difficulty.

Stock Today

(Reporting by Crispian Balmer; editing by Jason Webb)

Politics to hurt British markets: French official