Monday, January 10, 2011

Portugal already in EU bail-out talks

Bad news starts early this week for the Euro as the Daily Telegraph reports that Portugal is already in talks on another EU bail-out ahead of their tapping the bond markets on Wednesday.

As the crisis deepens it is interesting to speculate how long it will be for the numbers of Euro Group recipents of funds to exceed the number of those of those only paying into it, like a pyramid sales scheme pretty soon the whole thing must be seen to be the absolute nonsense that it always has been. In France, where natural wastage in the public sector is being used to reduce staff numbers by fifty per cent, I clearly detected over the New Year celebrations considerable weariness with the economic crisis in spite of real economies for me being difficult to spot.

One example of this is a grand, obviously EU inspired, and therefore very expensive railway line upgrade taking huge chunks out of our local countryside, set to last five years, and only designed to take mere minutes off the travel time between Bordeaux and Paris. The eventual connection to Madrid is already in doubt due to Spain having cancelled the last section of line as one of their own economy measures.

Euronote national identifying letters to now avoid:

Z... Belgium
Y... Greece
V... Spain
T... Ireland
S... Italy
M... Portugal



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