Cyprus Crisis and how it will affect the fashion industry

In todays lessons we were going through broadsheet newspapers looking at news stories that stood out to us that we thought could effect society enough to make an impact on fashion.

The first story that caught my attention was about the debt crisis in Cyprus.

The article explained that Cyprus' economy was unstable and the European Central Bank (ECB) was threatening to pull out of being involved with Cyprus altogether leaving it to sort out its own debt.

This is a drastic measure and if they did go forward with it, it could have a knock on effect on Britain. Britain has a large amount of debt and if it was to get as bad as Cyprus nothing would be stopping the ECB from pulling out from Britain as well, leaving the economy shattered. This would affect the retail industry amongst every other industry. The middle market retailers would be affected most as they are always the ones who suffer in recessions and times of austerity.