Wednesday, 9 March 2011

Portugese Interest Rates Rise

Portugal raised 2 month money in the markets yesterday but at 5.99%, 1.9% up on two months ago. Just imagine how you would feel if your mortgage rate jumped 2% in 2 months! Ten year bonds are now at 7.7% and curiously 5 years are at 7.8%. This puts Portugal  into Paddy the Greek country and they ended up being bailed out at a politically unsustainable cost by the EU!

Its not just in the UK that petrol and diesel prices are rising so for the unfortunate citizens of Portugal, Ireland and Greece its an unacceptable squeeze. Spanish air controllers will be going on strike soon but I expect Arab type street protests to break out soon in the other PIGS.

At home Willy Hague looks finished to me. I don't think its because of his political problems. He has my sympathy.

After Barnsley Farage's UKIP have returned to their Brussels home to further the cause of EU integration via the EFD group. That's where the money is!

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