Greece to enter its own "Great Depression"

Greece is "about to dive into a Great Depression", according to emerging markets specialists at GLG Partners.

Karim Abdel-Motaal, managing director and co-manager of the company's emerging markets investment program, says the demise of Greece means "the Eurozone is now going to come face to face with what it means to have a common currency area, but different agents in it". Greece came under fire from the European Commission last week in a report claiming the country had mis-stated its public finances. In a bid to avert a debt crisis, its Government has drafted plans to cut its budget deficit to under 3% of GDP by 2012 - down from 12.7% in 2009. But asset managers continue to view its fort...