January 13th, 2012

Le Downgrade Est Arrivé

Sarkozy’s chances of re-election have taken a battering as France is no longer judged the safest of credit risks. What this means is that the French backed €uro bailout fund is no longer a AAA credit risk. Slovakia, Italy and Austria also got downgraded. Greek debt restructuring talks have broken down and Greek 10-year debt is trading at 20c/€ to face value. Which shows what the market thinks of  their chances of getting their €uros back… 


217 Comments

  1. 1
    Tachybaptus says:

    It would be unwise to crow too loudly. When will it come to us?

    • 9
      Grumpy Old Man says:

      Not while we can print our own money.

      • 20
        Constipated says:

        If we print much more we’ll run out of ink.

      • 25
        nellnewman says:

        If we print much more we’ll drown.

        zimbabwean economics. not good!

        • 45
          Grumpy Old Man says:

          I’m not saying it’s good, I’m saying it’s a tool for managing debt. The down side is that modern coin clipping and artificially low interest rates are smoke and mirrors which can only work for a limited period. Our currency is losing value and real inflation is creeping up. Domestic power prices are a disgrace and I estimate that food prices have gone up about 30% since Brown became PM. The Coalition is right in that we have to start making things and reverse the balance of trade, but Labour left such a God-awful mess that it’s difficult for things to happen quickly. It took Gordon 7 years to run down the economy to the point where cracks started to appear. It’ll take the Coalition at least that time to paper over some of the cracks.

          • South of the M4 says:

            Good reasoning – but the BBC will not give the coalition longer than a year
            and that will influence public perception. We are at the top of the Laffer thingy and we need lower taxation to boost the economy. Nobody appears to have understood that yet.

          • 'Gypsy' Dave Cooper says:

            @grumpy

            Nail on the head, cheers.

          • Osama the Nazarene says:

            Ah! The Biblical seven years of plenty under Gordo and now seven years of famine. I wondered when THAT analysis would come out.

          • Cell time says:

            Under Labour UK went from 72% to 67% food self-sufficiency, and Hilary Benn (whose reletives want us to but the family museum) stated in a speech, 2007, that is ‘inevitable that we would rely more and more on imports’.

            If we all grew our own, more land was committed to community farms and allotments, we could make a massive difference, some of the aging land girls could explain what has to be done in times of need.

          • I Remember You Hoo says:

            Our farmland is committed, only not to growing food, but to growing, wait for it, “sustainable housing”. The government is feverishly going about building new homes for our projected population of 80,000,000 by 2020. How come our population is exploding so rapidly, from 48,000,000 in 2001? Simple, mass, uncontrolled, immigration.

          • Anonymous says:

            Re: I Remember You Hoo

            Not sure if you immigration figures are correct…

            The UK population in 2001 was ~59 million based on census data.

            The UK population was around 48 million (the figure you provided for the 2001 UK population) in 1939.

        • 86
          misterned says:

          Zimbabwean economics? Rubbish. We are having to “print money” (so-called) because there is not enough to meet obligations. The money supply increased too fast through the naughties, but has contracted since, hence the need for QE.

          There isn’t more money in circulation. If there was, wage inflation would be rocketing instead of declining.

          Our current inflation is caused by external foreign pressures, not domestic demand or an increase in money supply.

          • Gooey Blob says:

            You are Ed Balls and I claim my five pounds.

          • not now cato says:

            Wage inflation would occur if there was pressure on jobs, but since unemployment is around 3,000,000 approx’, there is no pressure. Young people are having to take jobs paid £0, known as internships, just so they can put some experience on their C.V.

            QE simply devalues currency. As we are a net importer, every time we devalue the currency, stuff costs more.

            Fuel tax does not help either.

      • 33
        Nothing better to do. says:

        Strictly speaking it’s not money we print, it’s currency. The definition of money is a medium of exchange AND a store of value. I don’t think the most crazed optimist would believe that any fiat currency is a store of anything other than disappointment.

    • 10
      Eu-er missus says:

      The US is already downgraded.

    • 16
      The Paragnostic says:

      Why do I have an image of Norman Lamont singing “Je ne regrette rien”?

      Quote of the day must be from Michael Fuchs, the chippy Kraut who wants to see the UK downgraded – he sees this as evidence that the EU needs its own rating agency. Presumably such an agency would operate to EU budget standards of probity and transparency?

    • 108
      rocknrolla says:

      Somewhere, Nick Clegg and Ed Miliband are crying. They both showed over the veto that their true loyalties lie with Europe and not England.

      The only regret has to be that B£liar changed the law on treason to (oh how so conveniently given his later lies) remove the death penalty.

      • 202
        Expat Geordie says:

        Laws and punishments can be changed back again. Although it is against Parliamentary principles to make laws and punishments retrospective, Blair and especially Brown seemed to ignore this whilst in office (Brown’s retrospective changes to IHT planning immediately springs to mind), and obviously the War Crimes Act, which allowed us to prosecute people in Britain for “crimes” committed in the 1940′s by foreigners on foreign territory. Perhaps it would by poetic, and real, justice if these two could be hanged under a retrospective law change.

    • 199
      Diane 'Out of Context' Abbott says:

      All this has obviously been taken out of context…..

    • 208
      Slobberdown Menob says:

      Nicolas Sarkozy ;
      French breast implant company PIP are going to remove thousands of useless tits……… You hang in there little fella, I won’t tell them where you are!
      http://www.dailymail.co.uk/news/article-2086636/French-president-Nicolas-Sarkozy-sends-PM-face-cameras-credit-rating-downgraded.html

  2. 2
  3. 3
    Anonymous says:

    LOL

  4. 4
    Gordon Brown's Glass Eye says:

    C’est la vie

  5. 5
    Merkozy says:

    Merde!

  6. 6
    Pickled Wizard says:

    Mouton Rothschild 1945 – £1.50 per bottle!

  7. 7
    Merde she wrote says:

    Bonjour matelot.

  8. 8
    william says:

    Tachybaptus.Beware the Ides of March.

  9. 11
    Pepe le Guff says:

    It’s an ill wind.

    Do you want French fries with that burger, monsieur Sarkozy?

  10. 13
    HenryV says:

    Um. Should we start to panic? I like eating and keeping warm. So do the rest of family and pets…..

  11. 14
    Calvados says:

    I have a number of Euro coins left over from my last weekend in Normandy. Do you think Eric Cantona will be comng over to London so I can donate them to his election fund?

  12. 15
    Everard P Burgerpenis says:

    Nice French grammar ! Arriver is of course a DRAPER’S VAN verb.

  13. 18
    Grumpy Old Man says:

    Isn’t it funny how history repeats itself? Bonaparte’s Continental System fell in the face of British intransigence and now Neo – Napoleon Sarkozy’s attempt to establish a French-led economic hegemony is crumbling to dust before his eyes, and all the French can do is blame perfidious Albion. They came on in the same old way and we’re seeing them off in the same old way.

  14. 23
    Nothing better to do. says:

    Couldn’t happen to a nicer midget. The sooner the whole miserable EU con trick collapses the better for everyone that doesn’t get a pay check from Brussels.

    • 34
      nellnewman says:

      +millions/billions

    • 70
      jgm2 says:

      The scary bit is that Sarkozy (aside from Le Pen) is actually the more right wing/anglo-friendly end of the spectrum. You should see the crazy lefty fuckers lining up to take over.

      Somewhere to the left of Stalin most of them.

      • 96
        The Paragnostic says:

        My little sister used to be in the UMP (Sarko’s lot), but ditched him a few years back to join the FN. She’ll be campaigning for Marine this year.

        You’re right, though – he’s the least communist of the lot, but he’s acceptable only in the same way that Chirac was. If it comes to a FN – Socialist run off, expect Marine to win.

        • 188
          I Remember You Hoo says:

          The FN are about as “right wing” as our very own B&P, ie, not right wing at all. The FN are just another bunch of grubby national socialists. A quick trip to their website would tell you they consider themselves to be progressives and buy into just about every lefty fantasy going, mass immigration excepted, albeit for slightly different re@sons, just as our socialist B&P do.

  15. 24
    Pop Psychiatrix says:

    Wouldn’t it be fun if there really was an Anglo-Saxon conspiracy against him.

    • 140
      Lucy van Pelt, Psychiatric Help 5c, The Doctor Is [IN] says:

      What sometimes happens is that a paranoiac will antagonise those he suspects of having it in for him, to such a degree that he must be stopped– which then lends credence to his charges of persecution by those people. A certain alleged “Church” started by L Ron Buzzard is the prime example of this.

  16. 31
    Mike Hunt says:

    I will be the fault of those horrid rosbiffs and their isolation leader.

    • 39
      nellnewman says:

      It couldn’t be?

      Could it?

      That monsieur sarkozy, the poisonous french dwarf, is an ‘incompetent spendspendspend’ economist a la gordy that has led his country into fiscal disaster??!!

  17. 35
    Ian E says:

    Will Sarkozy ever be able to walk tall again?

  18. 36
    Euro-ay Henry says:

    So Dave was right after all.

    Keep your distance as France seeks to impose an implosion tax for transactions.

    • 42
      Will the last one to leave the Euro let me have their coinage for washers says:

      Wouldn’t there be somthing odd about everyone flogging their euros for Chinese Yuan and all those little tiny tax payments being being made in a currency becoming more and more worthless by the minute

  19. 40
    Apathy Rising says:

    A helping of Boeuf Wellington for the little Napoleon.

    The Greeks have found that they have power in being totally bust, and can wring concessions out of the EU by threatening to default totally on their debts.

    In the Euro it appears you’re either bust, or bailing out those who are bust until you’re bust too.

    Did Gordon invest the Euro ? You spend until you’re so broke everyone has to bail you out and thereby drag everyone else down with you. Someone has to say ‘non’ eventually. A lesson best taught in French.

  20. 46
    stick that up yer chariot says:

    Leicester rugby team have just been downgraded too. Well done Ulster

  21. 47
    Grumpy Old Man says:

    Oy Mod! how come any attempt to start a serious discussion gets put straight into moderation? Are you moonlighting from your day job in the Guardian CiF?

  22. 48
    République française says:

    So does this mean that having High speed trains and a love of the Germans is not a warranted route to financial success?

  23. 56
    Sarah a very important woman says:

    Stella is on Sky. The taxpayer pays for Sarah and Gordon to watch Sky.

    • 62
      The Paragnostic says:

      Maybe she misspoke, and it was a crate of Stella – she must put up with the mentalist somehow.

    • 72
      I don't need no doctor says:

      Sarah, go suck on a lemon. Gordon will enjoy it.

    • 74
      Cantona pour Président! says:

      Who cares. Presumably McCavity is nowhere to be found….

      • 80
        Bouudicca says:

        Why do those on Twitter think anyone has the slightest interest in the minutiae of their boring lives?

        • 100
          'Gypsy' Dave Cooper says:

          Because they’re all complete Huhnes?

        • 102
          misterned says:

          I am waiting for some z list celeb to tweet, “I am breathing in…now I am breathing out…now I am breathing in…”

          • jgm2 says:

            I don’t think most of them can breathe and write at the same time. That may be the reason it’s limited to 140 characters. It’s as long as they can hold their breath and concentrate on typing without passing out.

    • 196
      Anonymous says:

      Has her friend moved from Canterbury?

  24. 59
    Anonymous says:

    Marine should do well!

  25. 65
    Sarko's little helper says:

    Mwhahahahahahahaha……hahahahahahahahahahahahahahahahaaahahahahahahhahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

  26. 69
    I don't need no doctor says:

    The EU countries have been taking a leaf out of labour’s book. They have been in denial about their financial crisis. Like labour they have denied too far and too fast.

  27. 71
    Cantona pour Président! says:

    S & P indicating France could be downgraded de nouveau. Quelle horreur!

  28. 73
  29. 77
    Maggie Still not Dead? says:

    Bon jower, Gee maple smug git.

    That’ll teach the frogs for pulling our lamb from the back of trucks heading into France, setting fire to them whilst the cowardly gendarmerie stood on looking. Twats.

  30. 82
    'Gypsy' Dave Cooper says:

    Great news!

    The sooner it all fucks up the better, us included, a clean sweep is what is required and lets just hope it’s us that starts it.

  31. 83
    Sarko says:

    “Merde! Thanks to Salauds & Pauvre, je must introduit les austerity measures toot sweet. Au revoir second term!”

  32. 88
    Drop a Daisy cutter on the BBC says:

    Sarkozy makes Red Ed look like a fucking genius

    • 95
      Tant pis says:

      I disagree, at least Sarko can find the G Spot!

      Daisy Cutter you are DUEMA and I claim my £5!

  33. 89
    robbie says:

    La merde hits le ventilatEUr

  34. 89
    Tant pis says:

    I disagree, at least Sarko can find the G Spot!

  35. 91
    Gordon Brown on some really strong pills says:

    I’m changing into my blue tights and putting my underpants on the outside right now before I fly south to SAVE THE WORLD AGAIN!

  36. 99
    Anonymous says:

    Paul Mason backing Balls on Newsnight. Twat.

  37. 101
    who why what where when says:

    Paul Mason on Newsnight hasn’t got a f***ing clue what he’s talking about.
    Where are his economic or business credentials? He’s supposed to be an expert commentator when he appears to have had no proper journalistic training apart from spending a few years on some minor magazines.

  38. 109
    Billy Bowden is the greatest umpire ever ! says:
  39. 110
    Nick Clegg says:

    It is necessary for Britain to save the EU and the Euro, otherwise my MEP pension won’t be worth shit

    • 113
      Chris Huhne says:

      I agree. I will need it when I come out of stir.

    • 203
      The Golem says:

      Many a true word etc., etc.

      The only believable reason the current crop of politicos could be so enthusiastic about showering an unelected foreign dictatorship with millions every day is what they expect to get out of it.

  40. 111
    A BBC/Labour party spokes-arseole says:

    Fucking lazy French cu’nnnnnnnts

    Why not get the Germans to take over your country again………….hahahahahahahahahahahahahahahahahaha

  41. 115
    joescotus says:

    bryant what a noncing egocentric pervert pant poncing cu==nt,

  42. 117
    Anonymous says:

    granuiad classic in said article – unable to spell “part” or “is”

    This par in embargoed til 10pm

    But with Labour badly trailing the Conservatives on economic trust, he told the Guardian: “I admit that we have a big task ahead for the future to show that we are the people to take the tough decisions.”

    He tells his shadow cabinet colleagues that at this stage they have to work on the assumption that every coalition budget cut will have to be retained.

    “My starting point is, I am afraid, we are going to have keep all these cuts. There is a big squeeze happening on budgets across the piece. The squeeze on defence spending, for instance, is £15bn by 2015. We are going to have to start from that being the baseline. At this stage, we can make no commitments to reverse any of that, on spending or on tax. So I am being absolutely clear about that.”

    Balls suggested that it might take beyond 2012 for Labour to win back economic trust, and says he always expected the electorate to start to listen to the party around this stage of the parliament.

    “If we are seen as the people that are short-term, soft touch, give into vested interests, throw money at every problem of course we are never going to succeed.”

    He said Rachel Reeves, the shadow chief secretary, was looking at how waste can be rooted out in public spending; and that the shadow work and pensions secretary, Liam Byrne, was working hard on tough decisions with announcements soon on welfare.

    Balls defended Ed Miliband’s leadership of the party, saying that even Margaret Thatcher had a difficult first year as party leader.

    He said: “The more the Conservative party becomes worried about the state of the economy, the more intense their focus on Ed Miliband will become.”

    Miliband also received enthusiastic support from the former Labour leader Lord Kinnock, who attacked his successor’s critics within the party as “cowards”. He told BBC Radio 4′s The Week in Westminster: “In politics, division carries the death penalty and they must learn that. Because in the end it’s their own chests they will stab as well as the back of the leader of the party.”

    Kinnock added: “Ed is highly intelligent. His intellectual strength is one of his greatest accomplishments. He is courageous … But a section of the press has decided that, for some reason, he doesn’t fit the mould into which they want to pour him and consequently he is the subject of attacks.”

  43. 118
    Ed Milliband says:

    While Ed Balls is confirming that Tory economic policy is correct, do not forget that I am still an opportunistic sniveling little shit.

  44. 120
    Zealot says:

    Got to love the Guardians subbing skills….

    “This par in embargoed til 10pm

    But with Labour badly trailing the Conservatives on economic trust, he told the Guardian: “I admit that we have a big task ahead for the future to show that we are the people to take the tough decisions.”

    Factual journalism at its erm, best

    • 126
      Anonymous says:

      With Rubbisher earning over £600k a year, you’d have thought he could spare a few minutes each day to read his own paper before publishing?

      • 207
        will says:

        he is most probably too busy thinking of how to exit the guardian once he has built up a large nest egg

  45. 121
    Cheese eating surrender monkey says says:

    My name is clegg and I am not able to speak out against the eu as I have a pension locked in. I told you all we need to bail out the euro why nobody listen. Am I not down wit de hood.

    Oh and I am an expert on referendums so i will insist on running the Scottish one.

    Oh and I want to hold David’s bag at the next eu conference

    Did I say I was down wit de hood.

    I just hate American fries but love the surrender monkey’s version French fries

  46. 122
    Dee Facto says:

    Lets face it the Europe is a socialist zone. It is a failure.

    • 125
      What is more says:

      A lot of them are full on commumist states. Why the fook did we jump into bed with them?

      • 131
        Anonymous says:

        How many times must it be proven that socialism is crap, ffs?

        • 135
          A Socialist says:

          We are always right.
          We are never wrong.
          Do what you’re told
          Think what we tell you to think.
          Socialism never fails, it just looks that way.

          • I Remember You Hoo says:

            Ken Livingscum,

            “Socialism has not failed, it has never yet arrived” ( cue raptuous cheering and applause from deluded lefties ).

  47. 127
    Billy Bowden is the greatest umpire ever ! says:
  48. 128
    an officer and a gentleman says:

    “Bryant – who is himself a homosexual – pointed out that there are now more openly gay MPs than ever before. “Indeed,” he continued, “sometimes when you go into the Strangers Bar you feel as though you are in Rupert Street. It is virtually a gay bar now, and my husband sometimes worries about whether I should be allowed in there any more.”

    Put the kettle on luv, milk and two sugars.

  49. 132
    bruce says:

    Should it not be ‘Le downgrade a arrive’ rather than ‘est arrive’? i think I’m right to be fair.

  50. 139
    Billy Bowden is the greatest umpire ever ! says:
    • 142
      Red Ed's non-predator union bosses says:

      NOOOOOOOOOOOOOOOOOOOOOOOOOOO

      Say it’s not true !!!DUEMA

    • 147
      Taxpayer says:

      Well if your shadow chancellor just come out and says that both he and you have been talking shite at PMQs for the last year and a half, what else can you do? Would Balls have the gumption to go too?

    • 170

      You see this is what happens when you don’t leave him alone, now stop it all of you!

      Now say after me:
      “Ed Miliband is a great leader of the Labour party and his farther would be proud of him”
      Risen and repeat 100 times, now I only what to see positive comments from now on or your all going on the naughty step.

  51. 144
    Fabians are Evil says:

    Am I correct in thinking that if Scotland goes it’s own way then it will be apportioned its fair share of the UK’s National Debt.

    If so; with a lump of debt and Socialist gangsters at just about every level of local and national Government – just what do they think their rating will be? Talk about Turkeys voting for Christmas!

    • 150
      Gordon Brown says:

      Scotland will lead the way by taking on all the debt that a mainly Scottish Labour Party government created – it’s the right thing to do to help hard-working Scottish families, all 6 of them.

    • 157
      jos says:

      As long as the Scottish separatists take with them all the debts created by the B£iar, Brown, Balls triumvirate AND re-instate England’s Gold Bullion reserves to the 1997 levels, then yes, let Alex Sadmond have his way.

  52. 153
    The Doddering Old Fart says:

    I looked beneath my pillow
    and there I found a flea.
    I asked it what its name was
    and it said its Sarkozy.

    I said,”I was very happy,
    I have no French Euros in the bank”.
    He said, “I’ve sucked the lot out mate.
    Now they aint worth a wank”.

  53. 155
    • 160
      EdButLookBalls says:

      Or PIF (Polly is Folly)!

    • 163
      Well it's a thought says:

      Looks like the left have just woke up and found the bus has passed Nirvana two stops ago and they have missed the bus being redecorated by it’s new owners.

    • 186
      labourunionsbbc we are one says:

      Interesting photo of scrotum that, seems (is) designed to present him as leader.

      The writing, or should I say picture, is on the wall little ed. Come in your times up.

      Now you have to go and let the big boys take over.

      Just like your cowardly daddy broon did with bliar, the nasty little blinky has been manipulating and bulllying behind the scenes towards his desire for the top job and you, being an utter twat, can do nothing about it . . . unless your union handlers (in league with barosso) decide to step in; but I fear even they have given up on you as a lost cause.

    • 189
      jgm2 says:

      Fucking hilarious. You can sense the incredulity from the bedwetters. The betrayal. The tsunami of reality crashing over their laboriously constructed mental wall of idiocy.

      ‘You mean there really is no alternative’?

      ‘You mean they’re not ideologically driven ‘cuts”?

      ‘NOOOOOOOOOOOOOO!!!’

      Full on shooting-the-messenger-mode. Dummies being spat out. Membership cards cut up. Direct debits cancelled.

      AHAHAHAHAHAHA!!!!

      Suck it up you fuckers.

    • 190
      jgm2 says:

      Fucking hilarious. You can sense the incredulity from the bedwetters. The betrayal. The tsunami of reality crashing over their laboriously constructed mental wall of idiocy.

      ‘You mean there really is no alternative’?

      ‘You mean they’re not ideologically dr*i*ven ‘cuts”?

      ‘NOOOOOOOOOOOOOO!!!’

      Full on shooting-the-messenger-mode. Dummies being spat out. Toys hopping off the ground. Membership cards cut up. Direct debits cancelled.

      AHAHAHAHAHAHA!!!!

      Suck it up you fuckers.

      • 201
        Really? says:

        First comment from the link, first sentence: “NONE, absolutley NONE of these cuts are ecenomicaly,socialy or moraly justified”.

        Amidst all that, you have to wonder whether they spelt ‘cuts’ the way they meant to.

  54. 158
    Ed Balls, Shallow Chancer says:

    Can’t I keep saying, Too far, too fast’ any more ??

  55. 162
    Voice of Reason says:

    Never mind SArky you still have Carla’s open legs in which to shipwreck your troubles.

  56. 167
    Merkozy says:

    A poser for PB NightHawks as they “gather” in the cafe

    A couple of pieces of news that suggest something might be happening – first in William Hill press release that the firm has slashed its odds against Ed Miliband not leading Labour into the next General Election from 2/1 to 8/11. They now offer evens that he WILL still be leader when the Election takes place.

    ‘In the space of a few minutes we received a sudden rush of interest in backing Ed Miliband to have stood down as leader before the Election – bookies can’t afford to ignore unusual betting patterns of that nature, so we slashed the odds’ said Hill’s spokesman Graham Sharpe.’The last time a leader was odds against to lead his Party into an Election it was Iain Duncan Smith!’ added Sharpe.

    And there was this blog post by Simon Carr of the Indy:-

    “..You can hear Labour MPs now talking about a leadership change in more practical ways than hitherto. I wouldn’t be surprised if he’s gone before Easter.”

    • 194
      Ed and Yvette 5-point plan says:

      Ed has the Ex-Factor. He will soon be ex-Leader of the Labour Party.

  57. 169
    Anonymous says:

    It’s blackbusters friday for ed and the euro.

  58. 171
    Basil Brush says:

    Ed Balls walks into a bookshop,
    “I would like that book all about Torettes”

    The book store employee replies,
    “Get out to f**k, you f**kin’ weirdo!”

    Ed Replies,
    “Yes, that’s the one I was talking about!”

    Boom! Boom!

  59. 173
    not a machine says:

    Allo Allo

    Gud morning , ahhh Rene is aving a bit of bad day , heir fitch has just had a look at greek debt negioations , and decided Le Frances exposure is a bit more than comfy and so ze rates must go up . Quite what is now made of Italian and Spanish bonds will be interesting .
    There were some intrigueing sentences , making the case as some of us had thought , that the EU or FU technocrats were , how shall i put it , a bit cack handed and nothing like the olde bundesbank men , only last week Mario Monti was saying it will all be oK , well if you call wririting 100bn EU of greek debt off as , it will be ok , then its little wonder some feel they cant trust anything these people have ever said .
    The search is on for the best orderly default , but there must be some banks on the wrong side of having more of that hair cut than others , so an interesting choice awaits the ECB , a devaluing currency and increasing eurozone debt , is about the worst situation going into a recession you could imagine .
    Of course we havent yet had the full cut greece loose scenario , come monday what will the bond markets think ?, time for Drahgi ,Van Rumpouy , Barroso to ave a plan before Nikkie opens on monday , and consider if EU budget cuts need to be made to make balance sheets of contributing countries better to fight contagion better .

    All very consequential though now isnt it ? EU has had months to sort this better , goodness knows if this weekend is yet another one of inaction .

    • 179
      EU Spokesman says:

      We have a solution; the UK will pay – or Clegg & Huhne will not get their MEP pensions.

      And like the good little boys that they are, the effete nancy boys that comprise the entire British political establishment will comply.

      And while they stick their snouts into the trough, or their cocks into their rent-boys, you pleb bastards can pay up. They will dress it up as some Eco-Shite or something.

      What else did you really think would happen?

  60. 174
    Spartacus says:

    Beercow says – you are Grumpy

    Teacozy say – no i am Dopey

    (and no, i wont shake hands)

  61. 175
    Kinnockio says:

    I’ve got my party back!! They’re stabbing each other in the back!! We’re alright! We’re alright!

    http://www.independent.co.uk/news/uk/politics/divisions-over-leadership-will-kill-labour-says-kinnock-6289570.html

  62. 182
    thick as thieves says:

    Oh how I laugh as i’ve been secretly buying Yuan and Gold since 2008.

    Even managed to get my hands on quantities of Rupee’s although it wasn’t easy.

  63. 183
    albacore says:

    Poor Froggy-Woggy’s in the merde
    And all of Europe’s ill-prepared
    To drag itself out of the crap
    ‘Cos we’ve all had a pleasant nap
    And while we were soundly snoring
    Commie termites kept on boring
    Undermining the foundations
    Of free European nations
    Much more effective than a war
    At smashing what we’d built before
    And if you think that I’m just pissed
    Hail Tory Dave, the socialist

  64. 193
    not a machine says:

    I think this mornings Ed Balls front on BBC with Susanna Ried must go down as a classic , I suspect millons of couples got of to a bad start on sat if they had seen that .
    It was rather like enduring the rise and fall of the roman empire being written as a farce on 2 sides of A4
    I defy anyone to see it and not begin self harming.

  65. 195
    simon says:

    That will teach the skunks:) I’d love to be a fly on the wall in President pepe le peu’s office right now!

  66. 204
    cynic2 says:

    It started in France

  67. 205
    HappyUK says:

    The European Central Bank could theoretically print trillions of euros and buy up massive amounts of European sovereign debt, but this would go against existing treaties and most of the major politicians in Europe are steadfastly against this right now.

    Without such intervention it is hard to see how the ECB will be able to keep bond yields from absolutely skyrocketing. In fact, without massive ECB intervention it is hard to see how the eurozone is going to be able to stay together at all.

    Graeme Leach, the chief economist at the Institute of Directors, said the following recently….

    “Unless the ECB begins to operate as a sovereign lender of last resort function, with massive purchases of eurozone public debt, the inexorable logic is that the eurozone will break up.”

  68. 206
    Anonymous says:

    Wasn’t it hilarious to see that Ireland was not on the downgraded countries’ list? Presumably because there WAS no lower grade. Now that they are a German colony will there be car bombs in Frankfurt?

  69. 212
    Anonymous says:

    A 122-nation alliance is backing a lawsuit that could free the Earth from financial tyranny. This investigation reveals who the perpetrators are and what we can do to solve the problem.

    http://www.divinecosmos.com/start-here/davids-blog/995-lawsuit-end-tyranny

  70. 213
    Anonymous says:

    FINANCIAL TYRANNY: Defeating the Greatest Cover-Up of All Time

    http://www.divinecosmos.com/start-here/davids-blog/995-lawsuit-end-tyranny

  71. 214
    Monsieur untel says:

    Sarkozy has not declared himself a candidate yet.

    A bad summit at the end of the month and Christine Lagarde might just be the second French resignation from the IMF.

    if you think Sarkozy is bad that Socialist Hollande makes Ed look a heavyweight.

  72. 216
    filipinomonkey says:

    Sarkozy, couldnt have happened to a nicer country – ory. With the left likely to win the next election that should just about finish them off, best get the money in now while they are still AA+


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Rod Liddle on the loony UN sexism special rapporteur:

“There is more sexism in Britain than in any other country in the world, according to a mad woman who has been sent here by the United Nations.

Rashida Manjoo is a part-time professor of law at Cape Town University in the totally non-sexist country of South Africa (otherwise known as Rape Capital Of The World).

Mrs Magoo has been wandering around with her notebook and is appalled by the sexist “boys’ club” culture here, apparently.

I don’t doubt we still have sexism in the UK. But is it worse than in, say, Saudi Arabia, d’you think, honey-lamb? Or about 175 other countries? Get a grip, you doolally old bat.”



orkneylad says:

What’s he been doing FFS, mining bitcoins?


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