Thursday, 15 December 2011

Spain is now a better credit than Italy

 Last night I strayed onto the Russia Today channel by mistake and guess who was on? Nigel Farage and it was one of his better efforts. Is he now a friend of Putin as well?  I suggest some enthusiastic supporter finds a Youtube link for this interview as it shows the Fuerher at his best.

Spain had a solid result at today's bond auction with the 10 year part of their offering, 1.4 bn€ going at 5.545% compared with 6.975% in November. The market seems more impressed with the democratic Spanish government than the Eurocrat Italian one. Six months ago Italy was the better credit but tonight its 10 year bond closed at 7%.

On the back of this result and some well received steady Eurozone inflation figures equity markets perked up as did the Euro, slightly.  The Greeks are making a start on tax collection with an estimated 45bn€ annual tax being evaded. Only 19% of such debts are deemed recoverable. "Politicians have made us tax evaders. Why should we follow the law when they are stealing? Let the politicians and the rich lead the way." is the quote from one Greek. Its the same in the UK.

In France Sarkozy and his chums are getting exercised about the threatened downgrade by the hated Anglo Saxon ratings agency . Former president Chirac has just received a two  year suspended jail sentence for corruption.  Its the French way.

Peter Oborne in today's DT points out our elected MPs are busy smearing and abusing their expenses watchdog. Things seem to be getting back to normal!  I was amused to see the Daily Mail recommending Cast Iron should send one his dysfunctional family trouble shooters to family Sarkozy, Paris, France. 

I was saddened to read of the death of Graham Booth. We had our differences but I never doubted his commitment to our cause.

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