Vonga Dot Com.

OK I’m still trying to understand this European pickle. The radio has just said that Germany can borrow at 2% but because of Portugal’s deficit they will need to fork out 17% on what they’ll need to borrow. That’s because ‘the market’ sees a Portuguese government bond as risky, i.e. they may have to take a haircut, or god forbid a back, sack and crack, so they add an extra 15% to cover the 6:1 chance of losing their money. So like Wonga dot com at 2,500% APR they will lend you money and bleed you dry all at the same time. Wonga know they won’t get all the money back because they’ll make you penniless in twenty minutes so make you pay back the amount you borrowed in the first five. Now 17% per annum is virtually impossible for a country to pay off even when their economy is pulsating like Katie Price’s boobies so as we’re currently all running at a level of ‘bob-a-job’ week it’s not going to happen. So the current German ‘rescue’ packages are tantamount to requiring you send off your flat screen TV, car and dishwasher to the local auction house before the bailiffs arrive. The Germans though are strangely deluded. They originally fought for the euro because Italy, Spain et al kept using the old underhand trick of devaluing their currency causing German exports to become too expensive, so they hit on the idea of a common currency so they couldn’t. Now though because zay are nict buying enough Volkswagens, Germany wants them to be more competitive so they can pay the interest on the largely German loans. I’m beginning to wonder if in fact the euro is just a new name for the Deutsche Mark. But if, when we see the sky filled with flapping pigs, they do become competitive; but that’s not going to happen. So just like those stupid enough to get a loan from Wonga dot com the rest of Europe will hence forth spend 90% of their working week supporting the Wonga. And all in the name of ‘being helpful.’ So is Angela Merkel like Florence Nightingale, or the knitting granny in the Wonga adds.