What Do you Call A PIG With Three Eyes

It's a PIIIG of course. A three-eyed pig would come in handy today, as it could keep one eye on Greece, one on Brussels where EU leaders are meeting and the other on the euro.

Currently of course we only have two-eyed pigs: Portugal, Italy, Ireland, Greece and Spain.

The Greek porker is the most unwell, will today's meeting offer any help, that is the sixty billion euro question.

Although Germany and France seem to be coming round to the notion of proffering a strings-attached bailout, Germany's Free Democratic Party are wittily quoted in the press as saying that doing so was like offering an alcoholic another bottle of schnapps.

The euro has been buoyed this past few days by talk of a rescue package, indeed the pound is currently little more than one euro cent higher against the single currency since the turn of the year.

Personally, I think that this owes more to funds banking profits with all the current uncertainty in the air. If a rescue bailout is launched we might see the euro temporarily push a bit higher. Although I can't see any upswing lasting too long before the reality of what is it all really going to cost kicks in.

If Greece is left to fall on it's own sword then the implications for the single currency are pretty obvious.

Either way, the euro is going lower. The next questions is is the pound going down the toilet with it?