What a shocker:
The announcement of the potential €90bn international bailout for debt-laden Ireland – of which the UK could contribute up to £10bn – offered only a temporary respite to nervous markets.
By tonight, concerns that Portugal and even Spain might also need their own rescue packages were rising and sent the euro and shares falling while the risk of holding the debt of potentially vulnerable countries rose alarmingly.
It turns out that €90bn isn’t even enough to keep the dogs at bay for 24hrs! You’d think that someone might step forward and say that this obviously wasn’t working, and adding additional debt just to keep the bondholders happy wasn’t really helping. Eventually it’s going to be clear that ignoring the base fraud and negligence just results in a bigger and bigger can to kick down the road. One day soon that can is just going to be to big to kick…
Oh, and now there’s going to be an election, i’ll keep my fingers crossed for my Green party hero in the previous post!