February 8th, 2010

S.T.U.P.I.D. : Gordon Meeting Greek PM

The papers are reporting an emergency EU meeting over Greece.  Gordon is attending despite the UK not being in the Euro.  At the end of last week Guido learnt that next week Gordon is scheduled to meet George Papandreou, the socialist Greek prime minister who has led his country to ruin. Perhaps they can compare notes or put in a joint application to the IMF?

Until the recent Irish austerity budget the financial world talked about the risk of the P.I.G.S. (Portugal, Ireland, Greece and Spain) defaulting on their sovereign debt. Now Ireland is controlling government spending with swingeing public sector cuts they are not being talked about so much. Attention has shifted to the S.T.U.P.I.D. countries: Spain, Turkey, UK, Portugual, Italy and Dubai. These are the countries the City now fears to be at risk of sovereign default.

ZeroHedge has created a S.T.U.P.I.D. index, which they are charting, it is a Credit Default Swap index, so bad news means the chart goes up.  For the record, Guido thinks there is no chance of the U.K. defaulting because we still control our own currency, though losing our AAA credit rating and devaluing is a very real possibility.  The market is pricing in the credit risk from Gordon’s economic stupidity nevertheless…


178 Comments

  1. 1
    Bruce Bellend says:

    gay sex?

    • 2
      Kenny Everett says:

      Cupid Stunt

      • 28
        Caligula says:

        Nero “fiddled” while Rome burnt. Our PM and MPs have been on the errm fiddle for years. At least Nero only did it once. The mob had it in for Nero and he did the honourable thing at the end, with help of a minion. How will the PM meet his end?

    • 5
      Big Scotch lad in a man size nappy says:

      Is the “Cry Baby” a particular fetish?

    • 55
      Up sh1t creek says:

      The PIGS are dragging the entire European project into oblivion, and the unelected in Brussles are alarmed their gravy train is hitting the buffers and derailing.

      It’s not just PIGS though, it should really be called “UK PIGIS”, UK for us, Portugal, Ireland, Greece, Italy, Spain.

      What BBC / ITN / Sky News DON’T want to talk about.

    • 65
      WTF ????? says:

      The idea is to replace the European Union’s much-vaunted “Lisbon Strategy”, launched in 2000 which is felt in many quarters to have lacked the teeth to make it work.

      ….
      French President Nicolas Sarkozy has spoken of an “economic government of the 27″

      http://www.channelnewsasia.com/stories/afp_world_business/view/1036062/1/.html

      • 118
        sockpuppet #4 says:

        Half a quote:

        French President Nicolas Sarkozy has spoken of an “economic government of the 27″ to a largely unenthusiastic European audience.

        • 127
          dinsdale says:

          They probably skipped to the end of the transcript and looked at the price tag

          • sockpuppet #4 says:

            or perhaps it goes without saying that no-one really gives a shit what sarkozy says.

            (as way of explanation: He quite often makes things up on the spot and spouts out things that a more sensible/thoughtful/deliberating politician would not)

    • 73
      Devalued country says:

      Guido, what do you mean by a risk of the UK Pound being devalued, it already has been devalued – the largest devaluation in the UK’s history. Or do you mean a devaluation on top of the devaluation?

    • 130
      cle Vanya De Caesaromagus dans Le EU-SSR-Land says:

      Maybe Gordo McBalloon is going to offer the Greek PM hundreds of millions of UK Pounds (that don’t exist) to bail out the Greek economy.

      Our Dear Liarder has been very good with lagresse throwing around Tax Payers cash to any foreign state who asks for it!! McClown really is certifiable, and hopefully the Paramedics who are ’secretly’ under training at the moment, will be called on to strap McBalloon to a gurney and trundle him off to a Funny Farm just outside… shhhh!! Thats a state secret. Only a certain Mr Campbell and a certain Lord Mendacious know of the true location….. (all alleged of course).

    • 138
      Willsteed says:

      That woman looks like a giant caterpiller or slug. She must be the ugliest monstrosity I have ever seen in my life.

      Do we need any armed forces at all, if this repellent and hideous unelected slug, can be sent to just go and look at the enemy and scare them away.

      • 171
        COVLAD says:

        To the STAN at the double.
        She will instill more fear then ten Rough-diamonds and the lads of the Queen’s ‘Foot and Mouth’. Stand to – stand to.

        • 172
          COVLAD says:

          We all now know the Pashtun for

          “Win Gordon the election” !

          Or has my local take-away owner got one over on me. He translated the ops name.

    • 144
      (yes I am a cunt / no I am not Nu Labour) says:

      What about P.A.E.D.O. countries?

      Poland
      Algeria
      East Timor
      Denmark
      Oman

  2. 3
    Ken Woodchef says:

    OT: Guido, as airbrushing is de rigueur these days, please can we have a regular “where are they now” feature about some of the characters who have been told to keep their heads down airbrushed out history?

    Michael Levy, Jo Moore, Carole Caplin, Walter Wolfgang, Craig Evans, James Purnell…

    Come On Down!

  3. 4
    Tory Dan says:

    No doubt Jonah will save Greece, thank God for this glorious economic stewardship!

  4. 6

    Only a few months until election time!!!!!!

  5. 7
    John Bull says:

    Print our own money? shurely shome mishtake.

  6. 8
    A TOTAL CHUMP says:

    It’s enough to make you want to weep.

    Does Gordon produce tears in both eyes ?

  7. 9
    resurgemus says:

    The Euro is doomed

    Jonah is going to Greece to save it.

  8. 11
    David Cameron says:

    Just voted on a poll “Does Gordon Brown deserve credit for the end of the recession?”

    I voted No, He earns enough money already to top up his mobile

  9. 13
    Sarah Tweet says:

    am off to sort lego, make cakes, and brave the outdoors where it is definitely getting colder as forecast

    http://twitter.com/SarahBrown10/status/8762726500

  10. 14
    The IMF is coming says:

    Grecian 2010 – makes your hair go grey.

  11. 19
    Bluebottle says:

    It would be more appropriate if Gordoom was attending a meeting held by Slovakia, Hungary, Italy, Turkey, Slovenia. He’d be a star.

    • 25
      Proverb says:

      in the land of the blind the one-eyed man is king

    • 26
      The IMF is coming says:

      Or the African meeting:

      Congo
      Uganda
      Nigeria
      Tanzania

      • 29
        Proverb II says:

        you can judge a man by the company he keeps

        • 99
          Jerry Attrick says:

          ‘Twas an evening in October, I’ll confess I wasn’t sober,
          I was carting home a load with manly pride,
          When my feet began to stutter and I fell into the gutter,
          And a pig came up and lay down by my side.
          Then I lay there in the gutter and my heart was all a-flutter,
          Till a lady, passing by, did chance to say:
          “You can tell a man that boozes by the company he chooses,”
          Then the pig got up and slowly walked away.

    • 89
      Gobshite says:

      Or the meeting with Tuvalu, Western Samoa, Australia, and Tonga.

  12. 21
    The PM shouldn't be disturbed but this cunt is says:

    Holy fucking Christ, does this loony have any self awareness or concept of shame at all?
    Attending a meeting with regards Greece’s collapsing economy, what an utter embarrassment to England this Scotch cow’s gash is.

  13. 24

    Should the EURO-Ponzi scheme finally fail I expect the Pound to go through the roof – not because it would be any kind of safe haven but purely because the other currencies will hunt for weakness even faster… happy hunting.

  14. 27
    genghiz the kahn says:

    What will the EU do if the Greeks refuse to cut the deficit, and reduce the debt?

    Having Brown giving such advice means that the irony is clear to all who have watched him struggle to address Britain’s structual deficit. If Brown goes to Athens the EU’s plan will collapse.

    Will the Greeks just respond with another όχι or no?

    • 32
      jgm2 says:

      The Greeks will issue a statement pointedly asking why the fuck anybody thinks their economy is in ‘crisis’ when their deficit is lower than the UK’s. And what, exactly, does this Gordon Brown jackass mean by ‘making tough cuts’ when he hasn’t done anything of the sort himself.

      • 61
        Flatcap Army says:

        also worth noting the comments of the former chief economist of the IMF over the weekend: “Mr Johnson told the BBC: “The financial markets are taking a long hard look at the fiscal accounts of all these countries and they don’t like what they see. Now Greece is an extreme example – there I think you can see that it’s going to get very messy very quickly – but unfortunately the budget situation in these other countries is also weak … and I have to add the UK to this list. Unless you can persuade the markets that you’re really going to bring the budget under control within the foreseeable future and you’re going to have some credible actions – and you’re going to have to do some persuading – you’re going to have big trouble.”

        • 72
          The Greeks says:

          We don’t give a shit. What you going to do about it?

          Throw us out the Euro? – you won’t, and we don’t care anyway
          Slag us off? – so what?
          Cripple our economy? – managing quite well on our own thanks.

          Bail us out (again) with other people’s money? – ah yes, thank you very much.

    • 45
      Tears of a Brown says:

      Fucking hell, that’s just what the Greeks need, some advice off the mental patient.

  15. 33
    ThousandsOfMilesAway says:

    Perhaps they can compare notes or put in a joint application to the IMF?

    LOL

    +1

  16. 35
    Morcambe and Wise says:

    ‘What’s a Grecian urn?’

    ‘About three drachmas a week!’

  17. 38
    backwoodsman says:

    As pointed out previously , the worthless c.unt is only going to avoid PMQ’s. The following week, it’ll probably be another trip to NI.

  18. 41
    Silvio from Rome says:

    Who is sexy fox in photo – she nice.

  19. 43
    Maladroit Labour Chump says:

    This royal throne of kings, this sceptred isle,
    This earth of majesty, this seat of Mars,
    This other Eden, demi-paradise,
    This fortress built by Nature for herself
    Against infection and the hand of war,
    This happy breed of men, this little world,
    This precious stone set in the silver sea,
    Which serves it in the office of a wall
    Or as a moat defensive to a house,
    Against the envy of less happier lands,–
    This blessed plot, this earth, this realm, this England.

    William Shakespeare, “King Richard II”, Act 2 scene 1

    This Royal Doulton of Labour, this septic pile,
    This dearth of magnanimity, this piece of shite,
    This other England, semi-paralytic,
    This fucking mess built by Labour for itself,
    Again infected by their illegal war,
    This crappy breed of men in Gordon’s shitty world,
    This festering hole steeped in misery,
    A Nokia stuck in the wall of an office,
    Such an offensive scrote in the House,
    The politics of envy from less happier Mands,
    This fetid plot, scorched earth, unreal,once England.

    Gordon Brown, Dickhead II, Act of Vandalism scene of crime

  20. 44
    hang um high says:

    another McBroon idea (daily Mail,)we can sell them White cliffs of Dover

    • 76
      Beautiful Day says:

      Worse than that it’s the port for sale (the White cliffs are only good for picture postcards and attracting tourists) and he’s thinking of selling it to the Frogs

      I’ve just joined this, anyone else fancy standing up for England?
      http://www.royalsocietyofstgeorge.com/index2.htm

      • 168
        Peter Grimes says:

        It’s just so that as well as permitting no inspection of trucks on the French side to control illegal immigrants the French can wave them all through on ‘our’ side of the Manche as well. Cheaper than grand pianos for Sangatte XII or whatever!

        Simples1

    • 109
      Mr Ned says:

      There are blue birds over,
      The French Cliffs of Dover.

      Doesn’t have the same ring to it does it!

      • 164
        The Bottle Fed Triplet says:

        Ok smart alec, when did anyone ever see blue birds over the white cliffs of Dover, or any part of south-east England for that matter?

        Anyway the chalk cliffs are gradually and relentlessly eroding in to the sea. The French haven’t got such a good deal after all.

  21. 46
    Brevity is a virtue says:

    Greece – a waste of space.

  22. 49
    Gordon McRocodial-Teers says:

    First sensible comment!

  23. 50
    Anonymous says:

    “For the record, Guido thinks there is no chance of the U.K. defaulting because we still control our own currency, though losing our AAA credit rating and devaluing is a very real possibility.”

    Oborne wrote a piece last week giving Brown at least some credit for keeping us out of the Euro. Things would be a lot worse if we had joined like Blair wanted us to. Of course it doesn’t wipe out all the other crap he’s foisted on us.

    • 147
      Anonymous says:

      It was Major and Hague who kept us out of the Euro. If the Tories had given cross party consensus to joining the Euro, Blair & Brown would have taken us in against the wishes of the British people because they would have known the public would have no one else to vote for.

  24. 51
    Polar Star says:

    Brown’s talking about the NHS ‘as we speak’
    .
    He’s at ‘the centre’, ‘the forefront’ and the ‘cutting edge’
    .
    He is – indeed – all over the place !
    .
    I truly hate this man – what he is and what he stands for –
    .
    I truly hate this man more than anything or anybody else in this world

  25. 54
    Throw in the towel says:

    Brown lying on TV re the Cancer treatment and health.

    Anyone else notice how he now even gives up saying £’s / pounds and simply says 20 billions/15 billions etc etc.

    This man is so out of his brain that he is on another planet and we 60 million have allowed this to happen.

    As for the bananas – “Gordon,your shirt buttons are bursting open,you need to lose some weight”

    ‘Yes dear,but you saw how I nearly died on that 500 metre jog a few months ago,what shall I do?”

    “Why not eat a couple of bananas instead of the kit kats every day”

    “Brilliant – I shall eat NINE every day and we can tell my fans”

    Gordon Brown – extreme liar,fraudster and now extreme dieter.

    Enough is enough.

    • 88
      Beautiful Day says:

      Bananas are very high in potassium, a friend of mine who was diabetic started the bout of illness that finally killed him by eating too many -

      “Increased extracellular potassium levels result in depolarization of the membrane potentials of cells. This depolarization opens some voltage-gated sodium channels, but not enough to generate an action potential. After a short while, the open sodium channels inactivate and become refractory, increasing the threshold to generate an action potential. This leads to the impairment of neuromuscular, cardiac, and gastrointestinal organ systems. Of most concern is the impairment of cardiac conduction which can result in ventricular fibrillation or asystole.

      During extreme exercise, potassium is released from active muscle and the serum potassium rises to a point that would be dangerous at rest.”

    • 145
      Sir Everard Digby says:

      McDoom economical with food.Economial with morality.Economical with the truth.But not with our money.

  26. 59
    Flat Earther says:

    I wake up every morning and think what an awful nightmare. I dreamt that we were governed by a bunch of thick union shoo ins headed by a fiscally incontinent lunatic who believes he’s a world class leader and financial genius who hasn’t put a foot wrong ever.
    ohhh shxx!

  27. 71

    I have to admit that I live on ZeroHedge more than I do your blog Guido – sorry.

    The other day they reported that Barclays had banned the use of ‘PIIGS’. So one wag came up with another GIPSI – I didn’t have the heart to tell him that his suggestion would last even shorter in our PC wonderland than PIIGS.

  28. 75
    barefootcontessa says:

    Hans Blix has accused jack the straw of lying to the Chilcott inquiry.

    • 80
      Jackass Straw says:

      Accountancy is not my strongest suit: mendacity is.

      My Dad would be very proud.

    • 106
      • 119
        Mr Ned says:

        Staw did lie. He claimed that Iraq had not co-operated with the inspection teams, despite the fact that the inspection teams were reporting unprecedented levels of willing and keen co-operation.

        Straw also claimed that Iraq failed to disclose their weapons inventory as demanded in UN resolution 1441. This is a lie. Iraq compiled a full declaration. They gave that declaration to the UN security council by handing it to the United States delegation. The US then redacted over half of that declaration before handing a heavily censored version to the UN security council.

        It was the USA that was in material breach of UN 1441, NOT Iraq.

        • 136
          GT says:

          Jack Straw’s biggest lie at the Chilcot enquiry is his claim that he had strong reservations about the Iraq war and was urging caution. The truth is that he was lobbying hard in favour of the war and was exerting pressure on anyone who was doubtful.

    • 131
      What a Fist of Wankers (WAFOW) says:

      why is there no live feed today? What are we missing? How will it be reported? Sky & BBC, 2 cheeks of the same arse

  29. 82
    Unsworth says:

    When will Brown be going to Washington to help Obama sort out the terrible economic and ecological disaster in the USA? Could he fly direct from Athens?

    Things are pretty grim over there, I understand, what with people no longer being able to drive around in their Toyotas, people dragging sledges around the streets, no power, no water, no sanitation, power stations exploding etc.

    Their need is greater than ours. Maybe we can just about survive without Brown for a little while. After all, there is a Special Relationship, isn’t there?

    • 161
      Brown's Britain; Always Winter, Never Christmas says:

      USSA is fucked, (health care or not) and should be ditched. They have decent weapons tech that’s still worth bothering about, otherwise there’s nothing doing. Britain and the EU need to slip into bed with old man Russia and whore ourselves the sake of energy! Taking it equally up the gary.

  30. 85
    Popeye says:

    I expect S.T.U.P.I.D. Gordon, saviour of the world as we know it, financial genius that he is, is going to offer British Taxpayers money to bail out profligate Greece.
    My God, that man is so inspiring??

  31. 86
    Brown - not long now says:

    As Brown lies his way through this latest wheeze,I could hear this thumping sound reverberating around the room.

    I checked the house to ensure an elephant had not somehow got in through the letterbox.

    Only then did I realise that the noise was Brown thumping the lectern every other second.

    And of course there WAS an elephant in the room in which he stood – the elephant is the unelected monster himslef – Gordon Brown – now entering the last few months of his political life.

    Not long now.

  32. 92
    Geordie Girl says:

    Did anyone hear Brown claim that he and the fragrant Sarah helped out at a hospice (in Scotland I think) for a few days last year during the summer?

    Is there one word of truth in that? Can you imagine being terminally ill and having GB attending to your needs – adorned in plastic pinny and gloves.

    If it is true, then I think it has been done just so he can tell the electorate what a good, compassionate, caring sort of guy he is. He is the lowest of the low.

  33. 103
    the shade of dr kelly says:

    is this meeting going to run on just long enough to make sure brown misses PMQs this week?

    perhaps he will recommend that the greeks cry on tv about the death of the drachma.

  34. 113
    filipinomonkey says:

    Erm Guido, the Greek socialists only won power in October 2009, and while I am convinced of their ability to screw up any economy I don’t think even they can do it that fast.

    • 123
      sockpuppet #4 says:

      You have to remember that the scales of “left and right” in other european countries are like trying to compare celcius, farenheit, kelvin ( etc.!)

      eg Blair’s policies were economically to the right of sarkozy’s

  35. 122
    Civil Servant says:

    If only we were having the fantastic success of the Irish, with their excellent austerity program, record unemployment and GDP drop! Why can’t our leaders be as forward thinking? Just think what will happen to their carbon emissions!

    • 158
      WobblyJim says:

      If the Irish were to claw back the bungs, they could exit the Euro and issue Punts again, best thing that could happen. It would be painful, but what is it feeling like now and for the forseeable future anyway ?

  36. 132

    Yes Guido, a very selective airbrushing, if you like of the facts. PASOK came to power a few months ago, and the centre right Nea Demokratia are the ones responsible for Greece’s stratospheric budget deficit, huge debts, bloated public sector and social unrest.

    But I know that doesn’t fit your little ideals (just like the ‘Budget the UK should have had’ in Ireland) so carry on with your “we’re dooooooooooooooomed” and we can just point and laugh.

    Much love

  37. 133
    Pole Star says:

    BBC 5 Live ‘technical problems’ delivering this morning’s Cameron speech – no probs with Tosspot Brown

    • 173
      COVLAD says:

      These problem happen every now and again. Marxists don’t like all this modern transmitted live stuff. Difficult to control. The North Korean engineering genius, who supplies the BBC, has this sort of cut off ‘technical problem’ sorted to a tee. He has to.

  38. 134
    The Beast of Clerkenwell says:

    McMental is only going to Greece as it is the birth place of his favourite vice

  39. 146
    Sir Everard Digby says:

    Presumably Greece manufacture a little more as a % of GDP than us.

    We are looking at 11% (well done Tony and Gordon,you accelerated the Thatcher years decline -why don’t you boast about it? and you even managed to finish off mining)

    Begs a question – where does the other 89% come from? (aside from the public sector) Services? For what? Unless we address that issue we are fucked.

  40. 153
    I Hate new Labour says:

    I guess the spineless moron is going to try and avoid every PMQs until May 6th…

  41. 156
    WobblyJim says:

    Hang in there, give MacFukcwit a moment.

    Everything the useless freak touches, breaks shortly afterwards.

    If the Greeks allow this world-class loser off the airplane and onto Greek soil, they will be irrevocably fukced, then the dominos will start to tremble. and maybe, just maybe the entire EUSSR Projekt will crash..
    Praise the Lard.. Oh Joy!

    Let MacFukcwit do her thing and it might just precipitate the utter failure of our Glorious EUSSR.

    Go GorDoom, fukc that up totally, do us all the biggest favour.

  42. 159
    Brown's Britain; Always Winter, Never Christmas says:

    Oh the irony, when the Greek bail-out package is announced, will we see the gurning chump face Of The Ice Queen Brown on all the TV channels. Will he serve himself up to us as the savior of the EU? He’s already saved the world, the EU must be a piece of piss to the Fifer dwarfish thief.

  43. 162
    ER indoors says:

    Why not just go to the Palace and have a natter with Phil?

  44. 163
    Cobblers says:

    am sure brown will want o offer full support for greek leader..thats fucked them for sure then

  45. 167
    Peter M says:

    Gordon Brown prefers the F.I.S.T group
    France
    Italy
    Spain
    Turkey

    [according to my sources in Provincetown, Cape Cod]

  46. 169
    Anonymous says:

    “At the end of last week Guido learnt that next week Gordon is scheduled to meet George Papandreou, the socialist Greek prime minister who has led his country to ruin.”

    Google the fucking thing you Hoon: Papendreou: Assumed office 6 October 2009

    The man to blame is Kostas Karamanlis, who happens to be from the right wing New Democracy party.

    Then again truth means fuck all to you you sad Hoon

    • 174
      COVLAD says:

      Kostus Karabillion’is ? Made up name. Your fooling no one.

    • 178
      Barry O'Connell says:

      Have to admit it makes me more skeptical of Guido’s other posts as it was blatantly the previous government who led them to ruin and lied about their accounts.

  47. 170

    In and of itself a Greek bankruptcy or bond default should -in theory- not affect the Euro as such very much, Greece being maybe 3% of the total. However, just as a Californian bankruptcy (probably inevitable, large US cities at least are already contemplating insolvency, ten idividual states may well follow) would reflect badly on the “state of the Union” as a whole so would the default of on EU country, coupled with the rising interest rates and thus further destabilisation of the remaining over-leveraged member states, make investors wonder when sovereign default across the board is likely. Thus they wouldn’t commit themseves to bonds of longer maturity and that’s the beginning of the end.

    • 175
      COVLAD says:

      The US is a British colony (the most successfull) which dispite a shared common history and culture still went through a civil war before the Union was finally secured.

      The EU, or ‘Reich Lite’, has not, as yet, had that civil war. There is no similarity between the two. That is why, destabilisation of the individual states (nations) is so important. There is no North verses South, but with a shared culture. There is a ‘Reich Lite’ or ‘Independence’ choice. There is more at stake then money. Some want failure, either to enforce Union or to distroy it. Big stakes. Bigger then Vagas

  48. 177
    fugly scum says:

    Jeez, what an ugly bitch Catherine Ashton is.

    “High Representative of the Union for Foreign Affairs and Security Policy” – Fucking ugly pig controlled by jews, more like.

    Has anybody heard a peep out of the hideously ugly cow since she was made EU foreign minister? No! Too busy prancing about with jews and filling out expense claims.







Alastair Campbell Malcolm Tucker writes

“… remember your key attributes: not JFK skipping through the flowers spraying Clinton juice all over everyone. No – the glowering maniac in the boarded-up house who, if we’re lucky, people might just about believe is the only one who can remember where the bank statements are kept. That’s the core strategy.”



+ Crude (June)
As of 16 Mar 2010
-Gilts (Mar)
As of 26 Feb 2010
Flat – No Positions
As of 23 Feb 2010 +30.81%

Realtime Portfolio Record


Tip off Guido
Web Guido's Archives









RSS


AddThis Feed Button
Archive



Labels
Guido Reads