The PIIGs: Who is Next?

Robert Peston may have a funny way of speaking but he does seem to have a good grip on the Euro crisis. He is very pessimistic about the long term outcome. See Here

From the look of it, Portugal is already on the slide with bond yields already at 7% (Irish bond yields are still at over 8% and that is after the bailout package). Obviously those who buy bonds are none too confident that their money is safe and the rate has been cranked up to appeal to their greed rather than common sense.

So at what point do the Germans chuck their hand in?

They, after all are the only reason the whole thing has not collapsed already. Greece and Ireland are the smallest of the sick men of Europe. It has been difficult enough as it is.

God help us all if (say) Spain or Italy went down. If Portugal fails to make it through the next two weeks without holding the begging bowl out I cannot see the Germans continuing to issue blank cheques.

Going back a few months, when this crisis first broke out I picked up a report that Germans were closely examining their high denomination Euro notes. Evidently you can tell which country printed what. The report stated that the rattled Germans were only accepting notes printed in Germany.

I don't expect anything has changed.

Germany Wins?

My dear depressed, disconsolate and despairing English compatriots.
It was not to be.
It might have been legitimately 4-2 but it was never going to be a victory.
We played crap.
Never mind. It was only a game.

Although one more important than life and death.

But look on the bright side.

At least we do not have to pay for the Greek spending extravaganza.

Or the Spanish.
Or the Portuguese.
Or the Irish
or the Italians.

I dare say that there are many in Germany tonight who would happily trade in their football victory for an indemnity against their Euro liability.

But tempting though such a deal would be, I suspect us grieving English losers would rather count the pound coins in our pockets, smile sweetly and walk away.

Love & kisses

Billothewisp

The German Cash Cow

Oh Doom.

The Euro is diving.

Billothewisp sends his sincere condolences to our euro-patriot German taxpayer friends.

But never mind.

I'm sure the Greeks, Spanish, Portuguese, Italians and Irish will really pull back on their expediture.

I am sure they really would not want someone else to be picking up the bill for their profligacy.

Surely their honour will not be compromised!

I am certain that they are thinking all the time about the cost to you my German pals.

That is the glory of the Euro.

Everyone contributes spends according to their ability and then they all try and pay the bills.

But, unfortunately, it also looks like paying the bills is going to be done according to ability.

So, our illustrious German friends, it looks like you are going to pick up the tab.

Tough luck my friends.

Life is hard and unfair.

Especially for you and the Euro dream.

A Greek Tragedy and an English Vote.

As we come to the end of the British election campaign, matters in Greece have turned ugly. Greece is nigh on bankrupt and sliding towards anarchy. To maintain their position within the Euro zone they have to make massive cuts . Even our future cuts, that will be very bad, will not match those currently demanded of Greece.

There is a lesson here for us. Greece gave up its sovereignty too easily. It surrendered its national control over its currency and, like us has kow-towed to the Bureaucrats in Brussels. While things were good, the Greeks wafted along on a sea of debt. Now it has all turned sour. Today Germany is calling the shots. Greece does as it is told.

There but for the grace of God we go. I must admit that, several years ago I was of the opinion that joining the Euro was a good idea. How wrong I was.

When we go to vote tomorrow, we should all ask ourselves as to whether the people we are voting for will strive to keep us off the Greek road to ruin.

The European Union has just about cost the Greeks everything. It has also cost us dear.

As the SNP seems ultra Europhile, maybe the primary concern we should express with our vote should be for the sovereignty of (at least) England if not the whole of the UK.

Let us prevent the Greek tragedy becoming the English tragedy.

Examine the manifestos.
Who is really going to protect our sovereignty?

Watch out who you vote for.

Interesting Times

On Channel 4 News the other night there was a discussion between three financiers regarding the Greek crisis. Two were issuing the usual soothing words about how all would be well with the world, and the Euro will weather the storm.

The other financier made the claim that in Germany, many people are closely examining their high value Euro Notes. Evidently you can identify the country of issue from the serial number.

The Germans are getting picky about whose notes they accept. If it has been issued by the Bundesbank then thats fine. If it has been issued by one of the PIIGs (Portugal, Ireland, Italy, Greece) the notes are refused. The claim was shunned by the others and the discussion quickly moved onto less controversial ground.

You have to ask, how damaged is the Euro?

We live in interesting times:- In the true Chinese meaning of the phrase.