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    Hat tip to Guido for this little snippet...

    There were once P.I.G.S. (Portugal, Ireland, Greece and Spain), countries thought at risk of defaulting on their sovereign debt.

    Ireland is no longer one of thse because they are now controlling government spending, making large public sector cuts.

    Now we have the S.T.U.P.I.D. countries: Spain, Turkey, UK, Portugual, Italy and Dubai. These are the countries the City now fears to be at risk of sovereign default on their debt.

    The truth is there is not much chance of the UK defaukting but a downgrade to AA is a great possibility.

    Gordon's great achievment this, turning the UK into a STUPID country, sums up a certain Mr Gordon Brown.

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