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Despite fewer vacancies becoming THE unfurling Greek tragedy claimed available, the number of professionals its biggest scalp yet last night as entering the jobs market spiked in Prime Minister George Papandreou October, according to two separate sur- finally agreed to stand down. veys released this morning. A new government of national Morgan McKinley reported a nine unity will now be formed, with per cent rise in the number of people Papandreou yielding control when seeking new employment opportuni- the deal is finalised. ties in financial services. The decision followed crisis talks “Whilst the increase may be last night with conservative opposi- enhanced by recent redundancies, it tion leader Antonis Samaras and also reflects the uncertainty hanging President Karolos Papoulias. over the hiring market,” said chief The new government faces the operations officer Andrew Evans. “The unenviable task of approving the uncertainty is encouraging individu- country’s €130bn (£112bn) bailout als to examine their options before the package, with the eyes of the world traditional slowdown in hiring that upon it and the future of the comes towards the end of the year.” Eurozone hanging in the balance. Fellow recruitment firm Astbury Papandreou and his opponents Marsden reported an eye-watering 48 were desperate to hammer out a deal per cent jump in the number of City ahead of a meeting by Eurozone George Papandreou agreed to resign to make way for a coalition of national unity Picture: GETTY workers looking for new jobs. finance ministers today, in a bid to Bankers and fund managers are show that Greece is serious about tak- later. He survived a vote of no confi- last. An increasing groundswell in Moscow has said it is willing to talk “beginning to window shop” for roles ing the steps needed to stave off bank- dence on Saturday before the talks Greece, led by sections of the media, bilaterally with affected countries but at rival companies, the report said. The ruptcy. that led to his resignation. is calling on the coalition to abandon has been very careful in pledging result excludes any impact from the The latest €8bn tranche of its Former vice-president of the the euro altogether and return to the cash to the Eurozone as a whole. impending bankruptcy of MF Global. bailout package was due this month European Central Bank Loukas drachma. Even France and Germany, Russia has so far pledged $10bn Although Morgan McKinley found a but the EU and IMF said it would not Papademos, former minister Petros the Eurozone’s biggest cheerleaders, (£6.24bn) to be used by the IMF – a very slight (0.4 per cent) rise in vacan- receive it until they were convinced Molyviatos and finance minister have acknowledged that a Greek exit fraction of the €1 trillion that cies last month compared to Greece could stick to its austerity pro- Evangelos Venizelos are seen as front from the single currency is no longer Europe’s leaders have earmarked for September, both surveys showed a gramme. runners for the leadership. inconceivable. the European Financial Stability huge fall in available jobs compared to The Greek government was in tur- After the bailout deal is decided an Meanwhile IMF head Christine Facility (EFSF). the same time last year. moil last week after Papandreou pro- election will be held, although no Lagarde arrived in Russia last night in Lagarde will then fly on to China In October 2010 nearly 5,000 new posed a referendum on the bailout, time-frame has been given on how a bid to persuade Moscow to chip in and Japan for further talks on the cri- jobs were recorded by Morgan only for it to be withdrawn hours long the interim government could to the Eurozone bailout fund. sis. ALLISTER HEATH: P2 McKinley, down to 3,859 last month. t t t Certified Distribution FTSE 100 5,527.16 -18.48 DOW 11,983.24 -61.23 NASDAQ 2,686.15 -11.82 £/$ 1.60 unc £/¤ 1.16 unc ¤/$ 1.38 unc 29/08/11 till 02/10/11 is 98,447 2 News CITYA.M. 7 NOVEMBER 2011 Time to think about euro’s break-up NEWS | IN BRIEF Theresa May faces border row Home secretary Theresa May will today give an emergency statement on the UK the Eurozone will be happier to waive finances. The rising yields on Greek contemplate. There was no Plan B. Border Agency, following claims it had its chequebook. There will be smiles debt are partly due to the markets The City was wrong to endorse and secretly relaxed checks on passport con- all around and even claims that the assigning an increasing probability of campaign for the launch of the euro trol. Brodie Clark, head of the border euro and Greece’s membership have a euro exit caused by the fallout from in the late 1990s. In doing so it aligned force has been suspended over the alle- been saved; hopes will be expressed this longer-term, slow burning com- itself with the Foreign Office and gations. Investigations are also being that Italy’s ridiculous Silvio Berlusconi petitiveness and demographic crisis. much of the UK establishment. This held into whether port operators, includ- will be the next leader to be thrown So what would happen were the was partly because many firms gen- ing BAA which runs most of the UK’s out. It is all so pathetically predictable. Eurozone to break up? The Ernst & uinely believed the euro would boost major airports, were involved in the EDITOR’S LETTER Yet even if Greece’s new coalition Young Item Club thinks it will be very growth – and partly out of self-inter- decision because they wanted to avoid actually materialises and doesn’t col- painful; the CEBR is more relaxed. est. One economist once told me how queues. ALLISTER HEATH lapse immediately, and even if it There are 15-20 per cent more euros he was sacked from a big institution pledges to implement all the agreed than dollars in global circulation, for being sceptical. European govern- France speeds up older retirement IT is finally all over for George measures, that doesn’t mean that the though when it comes to metrics such ments also bullied banks, warning A new wave of 2012 budget saving Papandreou, the Greek prime minis- deficit will shrink as planned. And as global reserves and use as a unit of that they would only deal with sup- measures designed to help France meet ter. Barring yet another u-turn, he will even if it does, that won’t be enough account (for trade invoicing and com- portive institutions. its deficit reduction targets will include step down and a so-called national to save Greece: the original deal was modities) the greenback remains But having got it wrong last time speeding up its higher retirement age.