Thursday, Feb 18, 2010
The PIIGS just had some PIGIES
This is Money: Britain's borrowing habit puts it in the 'PIIGS'
Britain's bulging budget deficits have helped catapult it into the ranks of the 'PIIGS,' according to research. A list of countries with the most vulnerable public finances puts Britain in fourth place behind Ireland, Greece and Portugal. Italy comes in at fifth place, followed by France and Spain, according to RBC Capital Markets. Norway and Switzerland have the soundest public finances.
Posted by cat and canary @ 03:57 PM (1008 views) Add Comment
6 Comments
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1. sneaker said...
This is just hysteria. The capital markets says the UK is more like the US and Japan.
2. mountain goat said...
@Sneaker not quite
10 year yields
Greece 6.5%
Portugal 4.4%
UK 4.2%
Spain 3.9%
USA 3.7%
Japan 1.3%
3. mark wadsworth said...
That should be "PIIGGS", Portugal, Ireland, Italy, Greece, Great Britain*, Spain.
* Yes I know technically it's the UK and not GB, but you get the general idea
4. Hpsceptic said...
But of course house prices can only go up. The fiscal tightening and unemployment to come won't matter a bit.
But that means PIIGGS can fly!
5. hpsceptic said...
Of course house prices will continue to rise. Severe fiscal tightening and rising unemployment won't matter a bit.
And PIIGGS on the wing will fly.
6. hpsceptic said...
Sneaker,
Japan is a bug waiting for a windshield (to quote J.Mauldin).
We probably won't be the next Japan, but the cuts are going to hurt bad.
In Sussex, I'm seeing more houses "For Sale" with a "For Let" sign being nailed to them. A buyer's strike has already started.