Posted on 03/03/2010 6:06:26 PM PST by TigerLikesRooster
Britain grapples with debt of Greek proportions
If you really want a fiscal problem, look at the U.K.'
Landon Thomas Jr.
London The New York Times News Service
Published on Wednesday, Mar. 03, 2010 12:45PM EST
Last updated on Wednesday, Mar. 03, 2010 7:01PM EST
As Greece's debt troubles batter the euro, Britain has done its utmost to stay above the fray.
Until now, that is. Suddenly, investors are asking if Britain may soon face its own sovereign debt crisis if the government fails to slash its growing budget deficits quickly enough to escape the contagious fears of financial markets.
The pound fell Tuesday to its lowest level against the dollar in nearly 10 months. The yield on 10-year government bonds, known as gilts, slid as investors fretted that Parliament would be too fragmented after a crucial election in May to whip Britain's messy finances back into shape.
(Excerpt) Read more at theglobeandmail.com ...
Spain has already beat UK to the punch as a “real” fiscal problem....in fact, there are over 10 EU states that are having fiscal problems on or near the level of Spain, Greece, and the UK.
Watch for a global domino effect....its coming and China will not be exempt.
Don't lose sight of the fact that Greece has a GDP about the size of Massachusetts ...
bttt
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