Greece has stepped back from the brink of uncontrollable economic chaos with politicians voting through a deeply unpopular austerity bill. That paves the way for the next injection of bailout cash, but the threat of a social explosion still lingers in the air. One survey I glanced at this morning indicated that just 5 per cent of respondents think the passing of the bill will lead to Greece rebalancing its finances and calm Euro worries, while 92 per cent think either the Greek crisis will drag on or that the country's troubles will get worse. I wonder how many Greeks blame their current troubles on Germany and how many lean towards the view that the crisis is at least partly a home-grown disaster? Because even if yesterday's rioters came largely from the ranks of anarchists, anger and social unrest could spiral as the package of job losses and pay cuts is implemented, prolonging the pain and increasing the chances of an exit from the EU. Away from the birthplace of democracy, here in the UK the Confederation of British Industry predicts that growth will resume – albeit at a fragile rate of just 0.2 per cent in the first quarter - while our companies editor Simon Thompson finds a small cap which boasts contract wins, a strong profit recovery and cost savings. He recommends buying in now ahead of a share price rerating expected soon. John Adams reports on Barclays results, and we've got our usual round-up of press tips and the Trader's daily comment.
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