Ooohh, tomorrow's going to be dead exciting - if you consider financial stuff exciting - in a what the feck will happen now America's been downgraded and the ECB is in emergency talks.
Was interesting reading the Robert Peston blog on this "Bankers and investors want to see the ECB buying Italian debt, in the way it has previously bought Irish, Portuguese and Greek debt."
I mean obviously we should all do whatever bankers and investors want when they want it. Obviously. However, buying Italian debt in itself wouldn't be enough I reckon. This has worked on a sequential basis with each of the PIIGS economies getting a turn at being baled out. Given this and the driving force here which is bankers and investors want the public sector i.e. us, to cough up so they don't lose any money (at the same time as however many millions are being made by other bankers and investors shorting entire economies), I reckon something bigger is needed e.g. the ECB will also be willing to buy Spanish and Belgium debt or a definition is constructed as to when it will intervene.
Anyhoo, interesting times. I wonder how much will be wiped off the FTSE if there isn't a big announcement about somnething?