French Banker Wants Britain Downgraded First

This comment by Banque de France Governor Christian Noyer is causing ripples and is considered to be retaliation to Britain's use of its veto to torpedo the French-German initiatives to save the Euro. Noyer cited the better economic fundamentals of France. The British responded that the markets believe the UK has a credible plan for deficit-reduction. Which would explain why they are able to borrow at lower yields than France.

China Not In A Hurry To Bailout Europe

Listen to this very interesting interview of Jin Liqun, Chairman of the China Investment Corporation. Where he is essentially saying that Europe is not sustainable as it is.

Papandreou Wants Greeks To Vote on Rescue Plan

That would happen in January and increase uncertainty substantially. Or things could get out of hand if markets assume that the plan will never be approved by the Greek voters given how often the latter have been in the streets lately. But Papandreou's government may not survive a vote of confidence on Friday.

The effects of Greece defaulting or not implementing the strict austerity measures in the rescue plan are widely expected to be much more severe than when Lehman Brothers defaulted in September 2008. Which was considered as the triggering event of the last global financial recession. Greece is, at about USD300 billion, the 32nd largest economy.

Mauritius should be able to ride through whatever crises happen given how much slack we've got here.

Ramgoolam Not In the Mood To Nurse GLDs

More precisely, here's what he said: Ki zot tile? Pran zot dan godi dir ayo papa Euro! Euro! donn zot bibron? Pa Pwena! Devaliasyon zame tienn solisyon. Nu bizin vinn pli konpetitif".

Kind of refreshing to hear. In any case the majority of citizens didn't vote for Berenger's team because they didn't want our currency to be depreciated.

Bheenick is also back at his desk since Friday afternoon and has stated that he will not be privileging a few at the expense of the many.