Thursday, Feb 11, 2010
We are in deep...
Telegraph: Britain's quarter of a trillion pound exposure to the PIIGS
Here, in a chart, is why Britain can’t afford to be complacent about the plight of Portugal, Ireland, Italy, Greece and Spain. UK banks are exposed to these countries to the tune of 16 per cent of gross domestic product, according to this chart from Stephen Jen of BlueGold Capital Management (the figures themselves are Bank for International Settlement numbers).
Posted by mrflibble @ 09:03 AM (1228 views) Add Comment
13 Comments
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1. freemanphil said...
Ha haa!
We wouldn't be on the line for this if the banks had not been bailed out, because they would have gone bust and unpayable debt would have been written off. Fancy a bit of indentured servitude and slavery anybody? Bastards.
2. mark wadsworth said...
Glorious. But France and Germany are even deeper in the mire than we are, so they can started bailing out Greece first. If UK banks lose a chunk of that £250 billion, then what do I care?
Ah ... I'm a taxpayer so I'm underwriting these losses ... I see.
3. 51ck-6-51x said...
+ Holland.
Those in the Euro are effectively more exposed due to the use of a single currency. Britain "can't afford to be complacent" - i.e. we should be encouraging IMF action rather than planning a bail out or trying to club together with France, Germany, et al to provide bridging loans - i.e. would you prefer to lose £250Bn today or £600Bn in a few months time?
4. hpwatcher said...
This article just leaves me wondering about how much additional exposure will come to light in the future.
Not sure I agree with France and Germany are even deeper in the mire than we are I would think UK national and personal debt to exceed either....but please correct me if I'm wrong.
5. sold 2 rent 1 said...
Phil,
You need to chill-out man.
You need to stop watching MK Ultra (http://en.wikipedia.org/wiki/Project_MKULTRA) "mind controlled" Alex Jones videos and look at the bigger picture.
Start with "Illusion and Reality" which is the last 20 minutes of the film "Esoteric Agenda"
http://vodpod.com/watch/1092374-illusion-and-reality
And then look at Kymatica
http://video.google.com/videoplay?docid=-6736722752013377089#
QUOTE FROM THE START OF THE FILM
“Evolution is a term to define only one organism and that’s the self. The self is the universe, the self is the alpha and omega, god, and infinity, and that’s the only thing that evolves because we are all part of the self. Nothing goes through an evolutionary process alone or without direct benefit to the whole. So when you begin to think that there’s this controlling elite, this controlling hand behind the curtains leading the planet to destruction…
When you think the end is near, the apocalypse, Armageddon, and when you think we as a species are doomed, it is not they, it is you that brought this about, and for a very good reason. You are evolving. Stop blaming everybody and everything else. Quit panicking about global tyranny and natural disaster and pay attention, because the world is telling you something; it’s tell you exactly what is wrong with you and how to fix it. (Excerpt from the film)”
6. tudorian said...
I'm starting to wonder here this will end.
Bad loans made by banks to private, corporate and state borrowers need 'fixing'. The fixing done by state borrowing from future tax revenues, money printing , taking interest from savers and all kinds of financial shenanigans.
net result ... more debt that need to be re-payed eventually..........
Is this the debt spiral I've read about ?
7. mark wadsworth said...
HPW, sure, the UK as a whole is up to its neck in debt, I just meant as regards exposure to Greece.
8. Ndg said...
Good call @5 reference Kymatica / Esoteric Agenda.
I say "Go Greece, fall over, default on the loans (and debt) you received from El Squid". I dare you. It will never happen.
9. letthemfall said...
Are these figures really all that surprising, given that we are part of the EU and our banks have lots of interests? - ie. dubious investments, which of course we already knew about. And naturally Swtizerland, land of money and watches and little else, has a pretty hefty interest. Perhaps this just goes to show that big debts will find another way out of the dyke, despite plugging the most obvious holes elsewhere. Oink Oink.
10. hpwatcher said...
Are these figures really all that surprising, given that we are part of the EU and our banks have lots of interests? - ie. dubious investments, which of course we already knew about. And naturally Swtizerland, land of money and watches and little else, has a pretty hefty interest. Perhaps this just goes to show that big debts will find another way out of the dyke, despite plugging the most obvious holes elsewhere. Oink Oink.
I'm waiting to see what happens with the eastern european countries, whose debt could at least rival Spains.
11. Simplysam said...
I thought it was wrong to go into a restaurant, eat the best courses on the menu and when the bill comes to declare "Sorry, I have no money to pay.... What would you like me to do? I do the washing up!"
It seems there was a lot of free money about and inparticular those in the knowhow just helped themselves to the riches. These people seems to be mainly occupying high flying jobs in financial and governmental institutions all over the world. The Greeks powerful have done the same to take their share of the menu and now they declare "sorry what would you like us to pay you with?" I guess the future manpower of their population.
12. 51ck-6-51x said...
HPW said, "I'm waiting to see what happens with the eastern european countries, whose debt could at least rival Spains."
Are you sure you /can/ wait - that another default /technical default will not occur elsewhere first? ;p
13. Dellboy said...
Why are they not called "PIGIS" ?