Black Friday: S&P Downgrades Nine Euro-Zone Countries...

Discussion in 'Europe' started by paulitician, Jan 14, 2012.

  1. paulitician
    Offline

    paulitician Platinum Member Supporting Member

    Joined:
    Oct 7, 2011
    Messages:
    38,401
    Thanks Received:
    4,136
    Trophy Points:
    1,130
    Ratings:
    +11,974
    Standard & Poor’s downgraded the credit ratings of nine euro- zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday the 13th for the troubled single currency area.

    “Today’s rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,” the U.S.-based ratings agency said in a statement.

    In a potentially more ominous setback, negotiations on a debt swap by private creditors seen as crucial to avert a Greek default that would rock Europe and the world economy broke up without agreement in Athens, although officials said more talks are likely next week.

    If Greece cannot persuade banks and insurers to accept voluntary losses on their bond holdings, a second international rescue package for the euro zone’s most heavily indebted state will unravel, raising the prospect of bankruptcy in late March, when it has to redeem 14.4 billion euros in maturing debt.

    S&P cut the ratings of Italy, Spain, Portugal and Cyprus by two notches and the standings of France, Austria, Malta, Slovakia and Slovenia by one notch each.

    The move puts highly indebted Italy on the same BBB+ level as Kazakhstan and pushes Portugal into junk status.

    » Black Friday: S&P Downgrades Nine Euro-zone Countries - Big Government
     
  2. Full-Auto
    Offline

    Full-Auto Gold Member

    Joined:
    Jun 13, 2009
    Messages:
    13,555
    Thanks Received:
    1,614
    Trophy Points:
    153
    Ratings:
    +1,615
    Maybe we could borrow some to loan out.

    It is the way we do business.
     
  3. Photonic
    Offline

    Photonic Ad astra!

    Joined:
    Sep 5, 2011
    Messages:
    2,746
    Thanks Received:
    247
    Trophy Points:
    48
    Location:
    California
    Ratings:
    +247
    You know, I have a feeling that they are doing this to gain leverage in the governments of those countries.
     
  4. WillowTree
    Online

    WillowTree Diamond Member

    Joined:
    Sep 15, 2008
    Messages:
    68,166
    Thanks Received:
    10,168
    Trophy Points:
    2,030
    Ratings:
    +14,731
    :lol::lol::lol::lol:
     
  5. California Girl
    Offline

    California Girl BANNED

    Joined:
    Oct 8, 2009
    Messages:
    50,337
    Thanks Received:
    8,960
    Trophy Points:
    0
    Ratings:
    +8,965
    And yet, Britain, with its conservative government, maintains its AAA status.
     
  6. Photonic
    Offline

    Photonic Ad astra!

    Joined:
    Sep 5, 2011
    Messages:
    2,746
    Thanks Received:
    247
    Trophy Points:
    48
    Location:
    California
    Ratings:
    +247
    And yet, Germany, with its decidedly centrist government is the only country with growing surplus.
     
  7. paulitician
    Offline

    paulitician Platinum Member Supporting Member

    Joined:
    Oct 7, 2011
    Messages:
    38,401
    Thanks Received:
    4,136
    Trophy Points:
    1,130
    Ratings:
    +11,974
    The American Socialist/Progressive - Western Europe Utopia fantasy is dead. Time to stop them from forcing an awful EU-like catastrophe on us. They have failed miserably in Western Europe. Lets not go down that same disastrous road of ruin.
     
    Last edited: Jan 14, 2012
  8. JoeB131
    Offline

    JoeB131 Diamond Member

    Joined:
    Jul 11, 2011
    Messages:
    80,551
    Thanks Received:
    6,873
    Trophy Points:
    1,815
    Location:
    Chicago, Chicago, that Toddling Town
    Ratings:
    +15,064
    Makes you wish they had shown this kind of dilligence when the housing market was meltind down.
     
  9. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,771
    Thanks Received:
    11,058
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +25,106
    This IS the kind of diligence they showed during the housing market meltdown. Sovereign bonds are already trading like junk.
     
  10. paulitician
    Offline

    paulitician Platinum Member Supporting Member

    Joined:
    Oct 7, 2011
    Messages:
    38,401
    Thanks Received:
    4,136
    Trophy Points:
    1,130
    Ratings:
    +11,974
    The Corporate Banks and those who supported their Bailouts will be fine when this is all said and done. But the People will only see more suffering. Hopefully one day more People will wake up and realize that it's the New World Order Global Elite scum who are running the show. The Bilderberg Group,Council on Foreign Relations,Trilateral Commission,and others have an agenda. And they will do anything to force their agenda on the People. But hey i know, it's all just a "Crazy Conspiracy Theory." It can't be true. But what if everything you thought was right, was wrong?
     

Share This Page