Nogger's Blog

25/11/10 -- The single currency remains under pressure as traders seem spoilt for choice as to which country to whip next. Just in case you are getting confused here's an update on where we are now:

The PIIGS have lost an I as Ireland have now grasped the nettle, as of course also have Greece so the G has gone as well now. Incidentally reports circulating yesterday that Steve Jobs and Apple Corp were to step in and buy Ireland, slim it right down, give it a touchscreen and re-brand it as iLand appear to have been untrue.

So right, we're left with PIS at the moment, although Slovakia or Slovenia could easily join the party any time soon.

Reports this morning suggest that little old Belgium might be about to join this illustrious club after the premium to insure against it's debt rose by 5% yesterday. I don't know whether that gives us SPIB, BIPS or PIBS, but it probably doesn't matter as the smart money is now piling on the Portuguese to be the next country to fall. The cost of insuring against their debt is apparently 3.3 times greater than that of Belgium and two thirds higher than Spain's.

That leaves us with BIS, if Italy pull out and Austria, Latvia and Lithuania do the decent thing then we're left with BALLS.