|Storm clouds gather again|
A cool £96 million profit there for the UK in arbitrage terms - beware what you read about the UK adding to its woes here, it is nothing of the sort. Worse news for Ireland though is that teh National Pension fund is being pressed in for the bailout. If this does not work, there is nothing left - the Eurocrats are forcing everything to be bet on the non-default scenario.
However, also coming out it the news that the Germans are up for doubling the Euro Bailout fund so that it can cope with a Spain rescue in the near future. This will be another drain on UK resources and the margins on the loans won;t be so attractive compared to our increasing debt burden.
All in all I quite like this as it means we reach the end game sooner - we will learn whether there is enough political and economic capital to save the Euro during this crisis. Sadly, as it is an economic millstone, I think it will be saved.