[Jimbuna]

A currency union would mean the Bank Of England would be underwriting Scottish assets as well as setting the interest rates and that is what Salmond is failing to grasp.

The Scottish banks aren't strong enough to fend for themselves on their own and the EU and other lending institutions are well aware of the fact.

The threat of refusing to take any part of the financial debt unless the pound is kept only goes to show that an independant Scotland will be no better thought of than the likes of Greece in EU circles and interest rates on borrowing would reflect the fact.

Yes, Mr Salmond has certainly painted himself into a corner this time.