• ARRSE have partnered with Armadillo Merino to bring you an ARRSE exclusive, generous discount offer on their full price range.
    To keep you warm with the best of Merino gear, visit www.armadillomerino.co.uk and use the code: NEWARRSE40 at the checkout to get 40% off!
    This superb deal has been generously offered to us by Armadillo Merino and is valid until midnight on the the 28th of February.

And after Dubai- Greece

After Greece maybe Hungary and then - guess who? A clue: not joined to the continent of Europe; English is the language; the pound sterling is the currency.

Answers on a postcard please.
An interesting article in Yesterday's Telegraph.

Typical Flip-Flop Nations really. "Cake and Eat it" I think the expression is..!

Once Dave takes over George will anounce a monster Budget that will just fecking blow everyone away. No more free dinners and no more skivving cnuts living off the State for free.
Is Portugal not supposed to be a bit shonky at the moment? If for some mental reason New Labour do actually manage to get back (and it is still possible) in then we'll be on the list too I guess 8O
doc80905 said:
Is Portugal not supposed to be a bit shonky at the moment? If for some mental reason New Labour do actually manage to get back (and it is still possible) in then we'll be on the list too I guess 8O
Stand by for Labour to rig next year's election.

The 2005 election was the precussor to systematic ballot rigging by Labour using immigrant votes(real and imagined) to perperuate their evil corrupt government.

No doubt Brown can be relied on to increase British contributations still further to the corrupt EU to keep bankrupt nations in the Eurozone afloat.
I seem to think that this one isn't going to go away very soon.

Greek government bonds have biggest drop in 11 years

Greek Government bonds are having their worst week in at least 11 years as investors worry about the state of the country's finances.

Investors are increasingly concerned that Greece may default on its debt.

Earlier this week, the ratings agency Fitch downgraded Greece's debt rating to the lowest of any of the 16 nations that have the euro.

On Thursday, Greece said its debt stood at 300bn euros ($442bn; £272bn), the highest level in its modern history.

Investors have sold two-year government bonds heavily this week, sending bond yields up the most since at least 1998.

When bonds are sold, the price drops and the yield - the amount the bond pays to its owner - rises.

Investors are worried that Greece may not be able to pay off its huge debts, and are seeking safer countries for their money.

Widening spread

This week two-year bond yields have surged to 3.09% from 1.9%.

Ten-year Greek bonds had their worst weekly decline since January, with the yield up to 5.3% from 4.99%.

By contrast, the German 10-year bund - which is the benchmark government bond for Europe - yields 3.2% and the two-year bond pays only 1.2%.

The current difference between the Greek and German bonds is four times more than what is has usually been over the past decade, indicating just how risky investors think it is to hold Greek debt.

Greece's Prime Minister Georges Papandreou has pledged to reform the debt-ridden economy, whose public deficit is expected to surge to 12.7% of output this year.

Its total debt amounts to 113% of its gross domestic product. BBC News
They're going to town on this one.

Greece is downgraded by a second credit rating agency

A second international ratings agency has downgraded Greece's credit rating, saying the government's spending cuts will not be enough to trim its debts.

Standard & Poor's said Greece's cost-cutting measures were "unlikely, on their own, to lead to a sustainable reduction" in its public debt.

Its downgrade comes two days after the Greek government unveiled measures including a 10% cut in public spending.

Fellow ratings agency Fitch downgraded Greece last week. Full Article
Kind of looks like a concerted effort to test the true strengths of the Euro system.

Latest Threads