Banks Brace For Breakup Of Euro...

Discussion in 'Politics' started by paulitician, Nov 26, 2011.

  1. paulitician
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    paulitician Platinum Member Supporting Member

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    This is getting very serious.


    PARIS — For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.

    But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability.

    On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.

    http://drudgereport.com/
    http://www.nytimes.com/2011/11/26/business/global/banks-fear-breakup-of-the-euro-zone.html?hp
     
    Last edited: Nov 26, 2011
  2. The T
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    The T George S. Patton Party Supporting Member

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    The EU was a bad idea in the first place...from it's inception I scoffed and saw it's demise. Why would any country give up thier soverign identity on to suject themslves to the whims of others that may not have your best interest at heart?
     
  3. paulitician
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    paulitician Platinum Member Supporting Member

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    Well said. I agree. This is going to have a huge impact on us too. More tough times ahead for sure.
     
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  4. The T
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    The T George S. Patton Party Supporting Member

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    That is for sure. You can equate this as well here as the Federal Government portends to be engaged in a power grab over the soverign rights of the several States.

    10th Amendment be damned.
     
  5. paulitician
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    paulitician Platinum Member Supporting Member

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    Good point. Thanks.
     
  6. The T
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    The T George S. Patton Party Supporting Member

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    Anytime. As I know that what I wrote was off-topic? I had to include it as an example as the dangers of giving up one's individual sovereignty is a dangerous practice.

    The EU this time again shows us the way NOT to go, as our leaders try to drag us in a direction that has proven to be an abject failure.
     

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