Uganda is not Spain

I’m not averse to a bit of dabbling in forex, mainly EURUSD (and GBPCHF). But I am currently keeping out of the market as it is a touch volatile for me. But I still like to keep abreast of developments.

Over last weekend Spain asked to borrow a few quid because its banks debts were too high (slight irony there). We can leave aside the fact that Italy is borrowing at 6% to lend to Spain at 3%, and the fact that Spain is lending to itself through the same fund.

The thing that’s making everyone smirk is the Spanish PM pointing out that Spain is not Uganda. As if that were a good thing.

The obvious retort that Uganda is not Spain is really enlightening. The one with the better credit rating and lower unemployment amongst many other things is the one not in the Euro zone.

In other fx news the Greek bank run is now approaching eur I billion per day prior to this weekends election.

Are you following this euro soap opera?

cheers

simon

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2 Responses to “Uganda is not Spain”

  1. sysmod Says:

    http://www.webcompact.net/index.php/news/33665-dummies-guide-to-what-went-wrong-in-europe

    In other news, Irish soccer supporters decide to furl up the banners and learn German. IT contractors wish they could be paid in CHF.

    It must be summer …. :-)

  2. Simon Says:

    That dummies guide is close, if it used US sub prime mortgages instead of a bar it would be completely correct.

    Its certainly summer here today, first sun all week.

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