• Spain, Italy need to stabilize private capital outflow
  • ECB action has removed some tail risks
  • Not much space for fiscal easing in UK
  • Spain is in “a much much stronger” position than Greece
  • UK debt at 100% GDP puts rating at risk in long-term
  • UK spending cuts still leave UK rating vulnerable

Sounds like a man with an eye to an early-ish UK rating cut. Or maybe it’s just me…..