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H.M. Treasury Calls An Independent Scotland The Worst Thing It Can Thing Of

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The British government is fighting dirty in its bid to win next September's referendum on Scottish independence, with a new Treasury report calling Caledonia Cyprus without the beaches or Turks.

An independent Scotland would have a vastly oversized financial sector that would leave it vulnerable to a Cyprus-style banking crisis, Britain's finance ministry says….

"An independent Scotland would have an exceptionally large banking sector compared to the size of its economy - with banking assets of more than 1250 percent of Scottish GDP - making it more vulnerable to financial shocks and the volatility of the sector," said a Treasury statement which contained excerpts from the report, due to be published on Monday….

At 12-1/2 times the size of Scotland's economic output, Scotland's banking sector would be even more out of proportion to the economy than that of Cyprus, which ground to a standstill earlier this year as the cost of recapitalising its banks, which had assets worth nine times its GDP, spiralled.

"Overall, the experience of financial crises shows that countries with a large banking sector compared to the size of their GDP are significantly more vulnerable," the Treasury statement said.

Scotland currently benefits from the British government's capacity to support struggling banks.

How ever will Scotland's pro-independence government respond to such a serious charge? With an unsupported assertion and promises of possible evidence, that's how!

"An independent Scotland will be an economic success story, as we will outline this coming week, and the tall tales from the Treasury can't hide that reality," said Scottish Finance Secretary John Swinney of the SNP.

Independent Scotland open to Cyprus-style bank risks, says Britain [Reuters]
Scottish independence: Treasury claims savers would not be protected [BBC]
U.K. Treasury Says Independent Scotland Couldn't Aid Banks [Bloomberg]



United Kingdom Couldn't Be Prouder Of Scotland-Born Whorehouse CEO

The last six weeks have been a fairly stressful time for Anna Gristina/Scotland. On March 6, she was arrested for allegedly running a brothel out of an East 78th Street apartment, where she provided hookers to “wealthy, powerful men” (“politicians, top-law enforcement, influential lawyers, bankers, entertainment execs and Fortune 500 businessmen”), which meant her plans for global expansion (the details of which she'd been hammering out with a broker friend just that morning) had to be shelved. On April 3, her request for reduced bail (set at $2 million) was denied for a fourth time. On April 9, it became clear she was probably going to have to send her pet pigs to a farm "upstate." Right now, as she sits in a jail cell on Riker's Island, it would be fair to assume Gristina/Scotland's spirits are pretty low. And while it may be little consolation, she should know that everyone back home, across the pond, is not only rooting for her but swelling with pride over her accomplishments. When David Cameron spoke recently of entrepreneurs banging the drum for British business, he possibly wasn't referring to the woman whose entrepreneurship has become the talk of New York. In her own way, though, Anna Gristina, 44, could be cited as a curious example of British excellence. The Scottish woman, who allegedly ran a high-class prostitution racket from her Manhattan apartment for 15 years, has been showing that when it comes to sex scandals the Brits still lead the world. Heidi Fleiss may have had an A-list clientele but she didn't have Playboy models working for her, royalty and former presidential candidates on the books, an ex-husband who is a noted politician, and a stunning stand-up comedienne sidekick. For wild originality alone the "McMadam" story surely wins out. District Attorney Charles Linehan told the court that there "was no plainer example that she (Gristina) is a flight risk." If the prosecutors are playing hardball, however, so is Gristina. From her cell in Riker's Island she sent word that she would sooner bite her own tongue off than betray any of her prominent clients. One would expect nothing less of a doughty Scot, who decades ago left behind her tiny village of Kirkliston, near Edinburgh, to make her fortune in the big city but is still well remembered back home. That's our girl! McMadam is the talk of New York [Independent]