Greek THREAT to DEBT Holders - Greek Crisis

Guardian Live - Euro: Reports from the NYT that the new Greek PM, Lucas Papademos has threatened to pass a law through the Greek Parliament that would force debt holders to take a haircut of Greek debt. This is might be an empty threat folks, as this would surly invoke the insurance on that debt held by the hedge funds, in Greece would have defaulted. This talks will go down to the wire folks, also the Troika if they have their eyes open will not be that impressed with the Greek austerity sell off, the Greeks have managed to only sell 1 billion of their assets out of over 50 billion. Yes folks that Greek horse is hollow as Greek promises.

French Bank Losses - Greece Crisis

Telegraph Live - Euro: Reports that the French Banking Authorities have told French Banks to write off between 70% and 75% of Greek Debt. Thus one has to presume that the French Government will cover such major losses after losing its AAA rating, thus banking debts will become French Government Debts. As France is on AA+ by the S&P credit Agency one has to ask will France bailing out their banks mean that France could face another downgrade. No wonder the Greek debt holders are holding firm, in essence they are getting blackmailed by the EU.

Rendition Inquiry Cancelled

BBC News: Reports that the UK Government has cancelled its Rendition Inquiry due to the on going Police investigation, it hopes for an Inquiry after the Police have finished. Folks I will give a £5 to Labour if there is ever an Inquiry in to this, a real Inquiry would ask very awkward questions of the last Labour Government, one can postulate that once the Police find nothing, and they will find nothing, this will all go away, that’s the British tradition, there are times for real investigations, such as the Iraq Inquiry but not this, what was an issue of national security in it day can look like an over reaction later, the British have a find tradition of letting sleeping dogs sleep, God knows what you could find.