Greece guarantees all bank deposits

This morning savers in the East of Europe will have a country nearer to them than Ireland if they wish to get a guarantee on all their bank deposits, they will of course have them redeemed in Euro notes with the prefix letter 'Y' - will that be convertible at par with the then currency of their home country on withdrawal is the question potential movers of deposits should now ponder. The article in the Daily Telegraph, here, suggests that all of the EU will now have to follow suit to prevent a run on their banks, the question posed above should give potential savers set to join the 'stampede' pause for thought. Further doubts are applicable in the case of the UK where the barely potty-trained Leaders of the Opposition Clegg and Cameron have apparently called for similar arrangements which would yet further impoverish the already bankrupt nation. Britain is already deeply in debt extending an open-ended guarantee to all, including the financial giants of the City of London, would at a stroke destroy the Nation's credit rating and even more likely put the country into sovereign loan default. Far better for Gordon Brown to rely on the historical position of the pound, let others clutch their Euro notes with serial numbers of T for Ireland, Y for Greece, S for Italy and V for Spain and see what return they obtain when this furore is finally spent! Brown has one accomplishment and that of course was in keeping the pound, he should now profit to the extent his earlier profligacy now permits!