Monday, January 30, 2012

Portugal rates race upwards to scupper EU strike bound summit

In a Brussels shut-down by a General Strike, President Von Rompuy rang a little golden bell to announce things were progressing nicely and that the leaders would discuss growth.

In the real world Portugal's tenyear interest rates which has been at 14.4% at the start of the day had risen by more than two per cent and were heading above 17%. Two year rates on the other hand were more than 400 basic points up at 21%. See a chart from the Wall Street Journal blog report.

Meantime Britain's Prime Minister, David Cameron, who won leadership of his party with the pretence of being opposed to the EU and promising he would offer his countrymen a referendum as to whether they should continue in the corrupt non-democratic conspiracy, arrived a the summit planning to cede more power to the EU in a Treaty to which his country would not belong, but towards the costs of which would commit to fund!

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