Well, I suppose that we could have expected some great bad news on Friday 13th. And the bad news is just the bad news that we would have expected. Standard & Poor, the ratings agency has down-graded the ratings of nine countries in the euro zone, including France. Effectively Portugal with a BB rating is just one step above junk bond status, France and Austria become AA+ which is not too horrific but it will increase borrowing costs. Talks about the Greek debt have stalled again and a man in the city said it is now considered 99% certain that Greece will default. It has been 98% certain for months and getting worse by the day. Why? Because the leaders in Europe, in spite of hours and hours and hours of talks at meeting after meeting have not come up with a plan to tackle the debt. Cans have been kicked down the road so many times now, we can hear them rattling along day and night as the cacophony grows louder and louder.
The only countries in the euro zone still granted an AAA listing are Germany, Holland, Finland and Luxembourg — and they certainly are never going to bail out the rest of Europe.
Every day that passes makes the possibility of a solution that preserves the euro in its present form more and more of an impossibility. And the sooner the politicians start to plan for an orderly dismantling of the whole euro zone — and, if I had my way, the whole of the European Union. Why are the leaders in Europe so useless that they cannot spot a turkey when it hits them in the face. This not just any turkey, it's a dead turkey that is now rotting as it decomposes spreading the stench of decay across the world.
Friday 13th is Black Wednesday only worse!
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