A Challenging Time Ahead for European Cooperatives?

As the global financial crisis continues to rumble around Europe, with potentially serious implications for the economy of Greece, and perhaps less so in Portugal and Spain, we wonder what the effect will be on the co-operative movements in these countries.

So far in this crisis cooperatives and mutuals have fared reasonably well, indeed in the financial sector it is probably true to say that cooperatives and mutuals have done rather well as consumers have turned away from investor owned financial services businesses in favour of more trustworthy institutions where their hard earned cash is more secure.

It is likely that, as the wave crashes over Greece and public spending is hit hard, with consequent impacts on the broader economy and consumer spending, cooperatives will also be feeling the pinch. But will their ethical values base offer some protection from the worst of the damage? I'm sure we will all be watching the developing situation with great interest.