FTSE 100
Dow Jones

Tuesday, 27 April 2010

Now there's a coincidence

Greece, home of the Olympic Games and cradle of European civilisation, has had its bonds rated as junk by Standard & Poor's. The Greek government needs to raise 9bn euros ($11.9bn; £7.7bn) by 19 May, but has said it cannot go to the markets because of "prohibitive" interest rates.

Which makes the position of the British government even more precarious, with a much higher deficit as a percentage of GDP, and a £170bn annual deficit to fund.

But the coincidence is that the British government is paying about 9bn to host the Olympics (not including the funding from other sources).

No comments: