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..There's a little Samuel Pepys in all of us..

Saturday, May 07, 2011

The Euro has lost ground against the $Am, with rumours flying around that Greece could leave the single currency, and return to the Drachma... Greece has been using the Euro since 2002.. This rumour started with an article in 'Der Spiegel', a German magazine..
But for the Greek people, a return to their old currency might be seen as a positive move.. a step away from the massive debts the country owes Britain, France, Germany, and the IMF.. The Greek government has already defaulted on it's interest payments, and a move back to the Drachma could well see the government creating a financial black hole.. and shoving the entire debt into it..
Eurozone Ministers have strongly denied this eventuality, saying that the story is nonsense.. But then, what would one expect Eurozone politicians to say after all..
Something to keep a close eye on...
Apparently, Eire, on the other hand, is about to get a break on the rate of interest it's paying on it's bailout loan.. the actual figure hasn't been released as yet, but a 1% drop, would amount to some £400 million in savings.. But there could be a price..
One of the issues Eire has firmly clung to, is its 12.5% corporate tax rate. Both Germany and France have stated baldly though, that this must be ajusted..
What Eire might be forced to do is effect a compromise.. by broadening the corporate tax base.. allowing the 12.5% only on funds generated in Eire.. and not applicable for those generated in the Eurozone..
There are quite a few international companies headquartered in that country, and if the base rate floats higher, we might see a few less..

More erratic weather in the US.. as the Mississippi's about to burst it's banks.. Cities along the length of the river are preparing for the possibility of massive flooding.. it's some 12 feet above it's normal level this morning, and more rises are expected.. Memphis has already evacuated parts of the areas closest to the river.. further evacuations along the length of the Mississippi will be necessitated..
And they say the climate's not changing...

'A strong international reaction' has been announced by the US, aimed at Syria..
Barack's spokespeople have said that if the 'bloodshed' caused by President Assad's forces does not end.. the result will be 'determined'..
The UN Security Council has yet to agree on strict sanctions against the present Syrian regime.. but doubtless they will declare that Assad's government is creating a 'humanitarian crisis'.. and come to some consensus on what will be cut off..
More than 500 have been shot and killed by government forces over the past two months.. and still we see tens of thousands of protesters have been taking to the streets of the major cities around the country..
But NATO's already embroiled in Libya.. and there are few in the West who would want to see military action against yet another Middle Eastern country..

And finally, for the moment, Seve Ballesteros has died.. he had surgery two years ago to remove a tumour on his brain.. but the condition has finally taken his life..
A sad moment for those who follow golf.. and for those on the tour that knew him..

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