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Iceland on Thames revisited

From Der Spiegel, headlined 'Can countries really go bankrupt', and illustrated with a photo of No 1 Canada Water:

"Take the example of Great Britain. The country is on the brink of financial ruin. Real estate is overvalued, private households are overly indebted and its vast financial sector has been badly hit by the crisis. Confidence in Britain's ability to overcome the economic turmoil is sinking by the day, as evidenced by the precipitous decline of the pound, which has almost reached parity with the euro. Just 13 months ago, it was worth €1.40.

"I wouldn't invest any more money in Great Britain," says American investor Jim Rogers. And economist Willem Buiter, a former consultant to the Bank of England, warns of the "risk that Great Britain will become a second Iceland."


OK, we've heard from Rogers before, but I reckoned the extract was worth taking to a narrower audience.


Sticking with Germany, finance minister Peer Steinbrück has been photographed looking at his lottery ticket. Admittedly winning the jackpot would not do much towards paying off the national debt.

Much though I long to see Brown and his glove puppet sitting in the gutter with pieces of cardboard declaring poverty etc, I would consider a big win for both - if it resulted in their leaving public life forever - a good trade off for even the most unreconcilable of Brown haters.

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Blogger Blue Eyes said... 9:47 pm

I've always liked the look of those hot springs, now I won't even have to take a flight to see them!  



Blogger Croydonian said... 10:01 pm

And on the upside, Bjork probably isn't there much of the time these days.  



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