COMMENT by ALEX BRUMMER: Return of euroland havoc

By Alex Brummer for the Daily Mail
Updated: 01:20 BST, 30 June 2010

David Cameron and George Osborne may have done wonderful work in 納得させるing 財政上の markets that Britain is serious about 解決するing its 赤字 and 負債 問題／発行するs. This has paid （株主への）配当s ーに関して／ーの点でs of a firmer 続けざまに猛撃する and d emand for gilts.

But it has done nothing to 静める broader worries about the 明言する／公表する of the 全世界の economy.

In fact, the 週末 G8 and G20 会合 - at which leaders 問題／発行するd 前へ／外へ more than 11,000 words 捜し出すing to cover up their differences - looks to have been rather dangerous.

脅し: Euroland's 不安定 could the 影響する／感情 the 比較して 上昇傾向 growth 予測（する）s in last week's 予算

Instead of 納得させるing the markets that the world's leaders have a 支配する on 全世界の turbulence - as was the 事例／患者 when Gordon Brown 会を召集するd the first G20 in 2008 - the leaders may 井戸／弁護士席 have 与える／捧げるd to the 不確定.

The 量 of work needed to stabilise the 君主 負債 危機 is still 広大な, with 労働者s in Greece and Spain out on strike and 涙／ほころび gas 支援する on the streets of Athens.

まっただ中に the 騒動 the European Central Bank is 捜し出すing to 離乳する the debtor nations off the teat of medium 称する，呼ぶ／期間／用語 support.

The 決定／判定勝ち（する） to 申し込む／申し出 European banks three-month money - in place of one year 貸付金s - roiled markets and sent 重要な 利益／興味 率s in euroland to the highest level since September last year.

恐れるs that より悪くするing 条件s in Europe might 誘発する／引き起こす a fresh problem for the banks sent 株 prices skidding, with the FTSE100 落ちるing 3.1 per cent to below the 5,000 示す at 4914. Barclays was の中で the biggest fallers dropping 6.3per cent.

Banks in the ClubMed nations, most 顕著に Spain, Portugal and Greece have become 扶養家族 on the ECB 基金s because of difficulty 接近ing 負債 in the 私的な markets. It was 正確に this 条件 which precipitated the credit crunch, after 発覚s of 有毒な mortgage 負債, almost three years ago in august 2007.

For the moment, the 連合's hair shirt approach to its 予算上の difficulties is 支払う／賃金ing off ーに関して／ーの点でs of our ability to 配置する／処分する／したい気持ちにさせる of 政府 負債. But the 現在の 不安定 on the Continent could be a serious 脅し to the 比較して 上昇傾向 growth 予測（する）s in last week's 予算.

Low Grade

Michael Grade is finding the 地位，任命する ITV experience little better than at the 商業の 放送者.

No sooner has he made way for archie Norman at ITV than he finds himself under attack at Pinewood Shepperton where he has been in the 議長，司会を務める since 2000. indeed, when he was パラシュート（で降下する）d into the BBC, after the Hutton 報告（する）／憶測 dislodged his 前任者 Gavyn Davies, he received a special derogation to remain as Pinewood boss.

How much longer he can remain in 地位，任命する, まっただ中に the 猛攻撃 of 行動主義者 投資家 水晶 amber which has built up an 18 per cent 火刑／賭ける, must now be in question.

Grade 主張するs he continues to 持続する the 信用／信任 of the other major 株主s.

But as the 反体制者s 公式文書，認めるd, にもかかわらず all the 約束s made at the time of flotation, the 利益（をあげる）s at the James 社債 生産者 have halved.

There might be more sympathy for Grade's 原因（となる） if the company had not decided to take a Stalinist approach to the マスコミ at the 年次の general 会合. instead of 許すing the 圧力（をかける） in - normal practice at most AGMs - reporters were 除外するd. Such 隠しだてする behaviour is 一般に （軍隊を）展開する，配備するd by rogue companies that 持つ／拘留する their 年次の 会合s on Christmas Eve, which surely Grade and Pinewood Shepperton are not.

にもかかわらず, the cavalier 態度 to 開いていること／寛大 might lead some 投資家s to question whether Grade is, after all, the 権利 person to 議長，司会を務める the online retailer Ocado, which is 準備するing a much-延期するd £1billion public 申し込む／申し出ing.

爆撃する out

It was bound to happen. If BP 株 fell low enough, the 投資 銀行業者s would smell fat （a）忠告の／（n）警報 and 財政／金融ing 料金s and start to see Britain's former 旗艦 energy 巨大（な） as a 引き継ぎ／買収 候補者.

JP Morgan lit the 憶測 under the 株 in New York with a 公式文書，認める 示唆するing american 支持する／優勝者 Exxon Mobil could 開始する，打ち上げる a 企て，努力，提案 at 473p a 株, valuing BP at £89billion.

にもかかわらず the 抱擁する 義務／負債s BP 直面するs (capped it should be remembered at £13billion by the US 政府) it should not be forgotten that BP has been better at finding oil than many of its competitors and has some of the strongest reserves of any of the oil majors.

Exxon may seem to US 分析家s the obvious 候補者, but it may be seen rather 異なって on London's south-bank and in the Hague - the homes of 王室の dutch 爆撃する.

At the 頂点（に達する） of his 力／強力にするs former BP boss Lord Browne dreamt of swallowing 爆撃する.

Now the boot is on the other foot, it is hard to imagine 爆撃する 長，指導者 (n)役員／(a)執行力のある Peter Voser standing on the sidelines.