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

Friday, January 27, 2012

Seems that Greece is getting closer to some sort of an accommodation with it's creditors.. the European Union's Economic Commissioner, Olli Rehn, said 'they were very close'.. Of course, the last thing the EuroZone wants is Greece to default..again.. Such a scenario would almost certainly rattle the house of cards the European Union has become.. We should know by the weekend whether or not a deal can be reached.. at least by the time EU Ministers meet next Monday..
It would seem the only solution to this problem would be to drastically reduce the amount of interest Greece is paying on the trillion or so € it has 'borrowed'.. and should that come to pass.. watch Ireland, Portugal, Spain and Italy looking for a similar concession..
In fact, Spain's unemployment figures show there are some 5 million Spaniards on the dole.. That's 22.8%, the highest figure in 17 years.
Not encouraging..

Now.. in the States.. there are figures that would seem to indicate their economy grew by just over 2% this past quarter.. But let's not start thinking their problems are beginning to shrink.. These 'growth figures' are a direct result of manufacturers stockpiling their product, instead of offering them for sale.. This cannot be kept up, and we'll be looking at much lower figures in the very near future.. New car sales were up some 14%.. but that has to do with Pre-orders finally being filled following the tsunami in Japan. Don't look for GM or Chrysler to be posting higher sales figures..

Just yesterday we mentioned the public was entirely unhappy with the £million bonus handed the man at the helm of the Royal Bank of Scotland.. Now, it's become an issue for the Commons, and yet another bone for Labour to chew..
Mind you, this 'bonus' is not due to be paid for three years, and will be determined by the share price of the bank at that time.. But still, for those on fixed incomes who are struggling to maintain their utilities bills with their grocery bills.. such an 'incentive' is preposterous..

Grey. It's still grey.

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