Greek default is on its way.

I can do no better than quote from today's latest Reuters report,

"European policymakers scrambled to reassure investors that a restructuring for Greece was not on the agenda, saying such a step could have dire consequences for European banks and the fragile economy of the 17-nation euro zone.

The Greek government also ruled out a restructuring, vowing to deliver on the ambitious fiscal goals set out for it by the EU and International Monetary Fund last year in exchange for a 110 billion euro ($160 billion) rescue.

Efforts to quell fears came after German Finance Minister Wolfgang Schaeuble became the first senior euro zone official to acknowledge publicly that restructuring may be a possibility.

French Finance Minister Christine Lagarde said no talks about restructuring Greece's debt were under way and that Athens was working hard to get its fiscal house in order."

I doubt even the immaculate Madame Lagarde can save the Greek's moussaka this time.

A Reuters poll on Thursday showed analysts believe there is a 60 percent chance Greece will have to restructure its debt in the coming years. They put the chances for Ireland at 40 percent and Portugal at 30 percent. That's the way the professionals are betting.

Still its a ill wind as they say and I am personally very pleased to see Sterling strengthen against the Euro as a result of these shenanigans.

Re Spain Reuter says Spanish bond yields are holding steady. I am not so sure about that but as I don't have a Bloomberg terminal I can't contradict it. On FT figures the Spain to Bund spread has blown out by 12 basis points in the last week which indicates some cold feet.

Re Biggles Farage I concur with the perceived wisdom and the reported comments of the judge that the pilot really needs psychiatric help more than a trial.

Just as it has always been unwise to lend money to Greece so I have always felt it is unwise to become closely involved with Nigel Farage. I was in truth relieved to be kicked off the NEC by his sycophants and thus no longer tied to rubber stamping decisions made by Nigel Farage and his private political committee. No factual evidence, minutes etc were ever produced to me to support these decisions a practice I found unacceptable.