Downgrading Countries' credit ratings

It is being reported that Standard and Poors has put Greece on negative credit watch, saying that Greece's deteriorating public finances have raised concern about its debt levels. Greece's debt stands at more than 110% of GDP. Just remind me how high the UK's debt levels are... Standard & Poor's said it was considering actually downgrading Greece's credit rating to reflect its view that "the fiscal consolidation plans outlined by the new government are unlikely to secure a sustained reduction in fiscal deficits and the public debt burden". Remind you of the UK under Gordon Brown's mismanagement?

Standard and Poor have also cut Portugal's outlook from 'stable' to 'negative'.

If you think that Iceland, Dubai and Greece are the biggest likely defaulters on debt then you are much mistaken. Gordon Brown's reckless wastefulness since about 2000 is leading the UK into penury.