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Thursday, 15 December 2011

Sarkozy hits out - gets downgraded

Sarkozy yesterday hit out at David Cameron,. calling him "an obstinate kid" because he refused to sign a eurozone treaty.

France was promptly downgraded, not one but 2 notches.  One can only presume that Sarkozy knew this was coming - the rating agencies usually give some warning to the issuer, so this can only have been Sarkozy saying "Hey, look over there".

In other developments, the EU seems to think that it has agreed on our behalf for us to contribute €50 billion to the IMF as part of the €200m contribution from EU countries, €150 billion coming from eurozone countries and the rest coming fromnon-eurozone countries, i.e. the UK.

This comes from an IMF report of a meeting with hte eurozone countries which differs from the EU released version and is not what the British government says happened.  Sounds like the Germans and Brussels civil servants have tried to stitch up the British, but the IMF let the cat out of the bag before Brussels and Bonn could stick it to Cameron.

Not only can they not run a currency zone.  They cant even stab a politician in the back.

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