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Friday, 17 September 2010

PWNING OUR FELLOW PIIGS

In case anyone's failed to notice, Ireland and Portugal are in a good deal of trouble.

Unlike ourselves, they must borrow from real markets - the result is yields easily above 6%. This means both troubled sovereigns are losing money on their loans to Greece (which only yield 5%), even as they struggle to stay afloat.

This is going to strain everyone's goodwill soon enough.

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