Stock markets have responded positively to news that Toyland's Prime Minister Santo Nicalosi, better known as Santa Claus, or Sugar Daddy Christmas to his closest female admirers, is to step down after arranging a final delivery of toys for December.
Leading analyst Jeremy Warner said that without the implementation of severe austerity measures, including the adoption of a payment-based business model which would face severe competition from the likes of Amazon, Toyland would default on its debts and this could lead to a world economic catastrophe far more severe than the 2008 banking crisis.
‘In recent years, Toyland has lived way beyond its means as it struggled to deliver ever more exotic presents free of charge to children in Europe and North America,’ said Warner. ‘It no longer produces most of the toys that are delivered and has had increasingly to rely on cheap goods and credit from China and Southeast Asia.’
Toyland’s manufacturing base is no longer a major employer but service sector employees will be hit hard by austerity measures. ‘I’m due to retire at 35 on full salary next year, said a party facilitator elf. Suddenly there will be no jobs and no pensions. I suppose I’ll have to emigrate, but I was shocked to learn that my skills set only attracts the minimum wage in other countries, even with a Mickey Mouse degree. I might as well work tables or behind a bar.’
Lenders are expected to take a significant haircut as Toyland reschedules its debts after the IMF, ECB and Germany’s Bundesbank refused a euro bailout. However, unlike Never Never Land, Toyland is expected to honour its obligations, although repayments will be redenominated in Monopoly money.
More than one banker has said a haircut is the least Santa Claus can expect if he is caught, saying the revenge shaving won’t stop at 'that manky beard’ or the Movember 'tache. In addition, after he steps down, Claus will no longer be afforded criminal immunity against charges of creeping into millions of children’s bedrooms at night.