- 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…..
