GREEK TRAGEDY? OR PYRRIC VICTORY

Well the greek MPs have taken a deep breath and voted through the austerity package.

This means that they will get a temporary reprieve when they get €12bn to pay the bills before they were due to go bankrupt.

But, will the vote make any difference?

Tomorrow they are voting on how to implement these measure and the grounds for ambush come into view.

With riots sparking off throughout Athens, it is no wonder that the markets, after initially feeding into trades with optimism are now falling back into musing that the troubles may not have been avoided after.

WHY THE HIDING UK?

The UK is to increase its drawing rights at the IMF to nearly double its current arrangements.

Now, I know Douglas Carswell is very angry about the situation but it is worth bearing in mind that this is the maximum amount that we can lend if needs be. Not an amount that we are paying right here, right now.

No, the one thing that is annoying me is the use of a Statutory Instrument to announce the change.

It appears that all the talk of open Parliament and not hiding anything by using Parliamentray tools means as much to this government as it did the last.

When the economy is in such a parlous state, the Chancellor has a responsibility to announce these changes to the House in an open and honest manner, not sneaking out an instrument whereby, unless you know where to look, will escape the attention it merits.

SCOTLAND THE BORROWER

So Scotland is going to be able to issue bonds.

Now councils have issued their own bonds for years but I am interested at how the rating will be realised.

After all, the oil fields are UK-owned, and I doubt that tax reciepts are strong enough to offset risk of default.

OK there is a strong financial sector but does anyone else think that, despite the aim of the Scottish government for independence, maybe,  just maybe Westminster will have to act as guarantor?