Friday 21 October 2011

Is Nicholas Sarkozy Actually on Crack?

It's just that he is still opposing the European bailout of Greece in an effort to secure as much taxpayer cash for French banks as possible. The only problem is that while French banks are heavily exposed to Greek debt they actually only make up a small proportion of total Greek debt. So if all of Greece's other creditors were to agree on a deal the French would simply be left out in the cold and already they've caused the average haircut to rise from 50% to 60%.

And my email is still not working so I guess I'll just have to ignore all the available evidence to pretend that this performance is still working.

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