As concerns about the Greek crisis spreading to the rest of the EU and fears that the 750 billion EU/IMF bail out package may fail, the loss of confidence led to a fall in both the Paris and London stock markets.
With Spain, Portugal and Greece continuing to be considered as a high risk by global investors, many experts are calling for a greater level of transparency and accountability from political and business leaders to restore investor confidence.
Christopher Wasserman, President and founder of the Zermatt Summit which is an independent business summit run by the Zermatt Foundation, warns that France is not untouched by the crisis and needs to take an active role in helping restore confidence:
Investor confidence in our economies has fallen to an all time low, due to the high risk approach to debt, which has led to a collapse on trust in our political and business leaders. For stability to return, to be restored and sustained, we urgently need to govern and run our companies with an ethical, transparent and accountable mandate which needs to lead to a significant change in leadership behaviours, without which we are heading for further catastrophe. Already we are serving the seeds of a second asset bubble.