Greek trajedy

I have now read most of the election leaflets put through my door. One of the most common themes is protecting public services. Also mentioned much are bankers, nuclear weapons, poverty, renewable energy and immigration.

There was almost no mention of Government Debt. For those of us involved in financial markets; this has been a worrying week. Greek Government Debt has been classed as Junk Bond status. This makes it very difficult and expensive to raise money, so they are reliant on the IMF. The country faces savage public spending cuts and big tax rises.
This could be the shadow of things to come in Britain if we don’t tackle our Government debt mountain fairly quickly.
Comrade Supreme Leader Brown says it would be irresponsible to cut spending till 2011. Somehow these pin stripe suited people who buy our government bonds are unlikely to be impressed by that. In contrast to the clunking fist, the young whippersnappers, Clegg and Cameron, talked about pay restraint, axing Identity Cards and scrapping the Euro fighter. It may not be enough, but at least it is a start.