Santander downgrade another exposure for Britain to the Euro

The reports coming in on the downgrade by S and P by two notches of the huge Spanish bank Santander, must surely be of great concern to HM Treasury!

According to some such reports our sloppy politicians, civil servants, Bank of England officials and other financial regulators have permitted some 26.7 million British comsumers to run accounts with this bank, most of which acquisitions were made even when it was increasingly obvious that the Spanish economy and indeed the sovereign itself was in deep, deep trouble.

Now of course these accounts might still be quite secure and the assets they represent perfectly intact and available to Britiain's guarantors against any further difficulties or even possible eventual default. On the other hand seeing how everything else connected with banks, governments and the EU has gone over recent years, then perhaps things might not end up quite so clear cut!