Storm Cloud

So the markets have woken up the the huge indebtedness of certain Euro countries, with crisis torn Greece to the fore, but Ireland, Portugal and Spain moving into the frame. At the moment we escape because we have the pound which has been heavily devalued to help us along, a false dawn because eventually everything costs us more. Meanwhile recovery suddenly looks unstable. The voices of distinguished economists who know what they are talking about (a few do) grow more resigned to trouble ahead, while the voices of politicians grow more shrill with fear. There has never before been a currency without a single government (except gold) and nobody is sure what is going to happen.

Neither is anyone sure of how a debt crisis in Euroland will affect everybody else. The coming week is one to watch the numbers.