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Britain grapples with debt of Greek proportions(If you really want a fiscal problem, U.K is one)
The Globe and Mail ^ | 03/03/10 | Landon Thomas Jr.

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 ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events; United Kingdom
KEYWORDS: britain; default; greece; sovereigndebt
It appears that there would be a series of sovereign debt crisises this year, whether they would lead to near-miss or acutal default.
1 posted on 03/03/2010 6:06:26 PM PST by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
The table may be turned in near-term. It used to be that EU was watching America sinking into crisis, confident that they won't have such severe crisis. Now they are into crisis probably worse than U.S., who is now watching all these and wondering how soon some EU country would go under.
U.S. debt problem and money printing now took a backseat. However, they will be back to the limelight soon. California would play the role of Greece in EU.
2 posted on 03/03/2010 6:12:14 PM PST by TigerLikesRooster (LUV DIC -- L,U,V-shaped recession, Depression, Inflation, Collapse)
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To: TigerLikesRooster

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.


3 posted on 03/03/2010 6:25:03 PM PST by cranked
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To: TigerLikesRooster
Britain grapples with debt of Greek proportions

Don't lose sight of the fact that Greece has a GDP about the size of Massachusetts ...

4 posted on 03/03/2010 6:29:54 PM PST by tx_eggman
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To: TigerLikesRooster

bttt


5 posted on 03/04/2010 5:21:06 AM PST by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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