"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Saturday, 13 March 2010

After the Greek Bail-out...

... I wonder who's next? Things aren't too jolly in Spain.

H/t: Fausty


  1. Dry run at Portugal, then Spain.

    Have you seen the drop in prices on unsold property in Portugal and Spain in the last week?

    There are over 3 years of unsold houses in Spain and a 20% unemployment level with 48% for under 21s, at least those not in Uni etc.

    Greece's next trench of debt re-financement becomes due in late April, I think. Germany, despite all the cack by Merkel et al will essentially guarantee it, along with other Euro lands, but then will come Portugal and Spain into the frame.

    Germany cannot bale out the 4th largest Euro economy alone or even the whole EU either.

    So stand by for great property bargains in the Iberian Peninsula. Sell your shares in Santander and La Caixa etc.

    No schadenfreude here I am afraid, as the UK is in a worse position; heading South and accelerating.

    It is all going down the plughole as the US is stuffed too.

    Maybe if they all go down, the debt can just be written off together and start all over again?

  2. G.V.

    Check your E-Mail address.

  3. Have replied D&C - thanks for the heads-up.

    Hello Bugger, it doesn't look good at all - Portugal has said it's introducing stringent controls to avoid a Greek scenaro but... who knows? You're right about Spain, it is the pits, I can vouch for that. The speculators don't know whether target the UK or Portugal/Spain next. I suppose they're just waiting to see what looks weakest and easiest - our current mess isn't helped by the LibLabCon not wanting to talk tough so close to the GE.


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