PORTUGAL and GREECE ratings cut by S&P

Doctor_Gloom

When the vultures have finished feeding on the carcasses of Greece, Portugal, etc. they'll quickly move onto the bankrupt United Kingdom. This is going to get really nasty really quickly. We're well and truly doomed.

Jonbvn

Doctor_Gloom wrote: »

We're well and truly doomed.

You should add this into your signature.:p

BTW, since we are not in the Euro, there is no comparison.

inspector_monkfish

08:05 28Apr10 -EUROPE: Risk update - Greece, Portugal, where next?

07:05 GMT - [RISK WATCH] With Portugal now joining Greece on 'default row' fears
of contagion have really gripped markets, and without wishing to add more
fuel to the fire the whole debt/credit malaise that appears to be fraying
Euroland at the margins appears to be almost unstoppable, at least in the
current internally combustible environment. Unless a 'final' solution is
quickly put in place for Greece, it seems almost inevitable that other EMU
peripherals will suffer at the hands of speculative predators looking for
the next potential prey. Spain could fall into this category, and the
task of keeping the country solvent would obviously be that much tougher
than keeping either/both Greece and Portugal afloat altogether. Turning
to the markets, deep risk aversion is clear in the form of a sharp
downturn in stocks, the Euro and softer oil, while Govt bonds and Gold
benefits from increased safe-haven demand.

inspector_monkfish

08:44 28Apr10 -Greece debt problems knock metals to multi-week lows

LONDON, April 28 - Industrial metals fell for a second day on Wednesday, after hitting multi-week lows on Tuesday as worries over contagion of Greece and Portugal's debt problems triggered a sell-off in equity and commodity markets.

The euro hit a one-year low against the dollar, after falling 1.5 percent on Tuesday in its biggest one-day percentage loss since June 2009, making industrial metals more expensive for non-U.S. currency holders.

Analysts say developed nations are not the driver for metals demand, but add investors fear that widespread fiscal problems could lead to tighter monetary policy, which in turn could curb growth and metals consumption.

"The threat of contagion is what's driving the market," an LME trader said. "Plus there are worries about China tightening its monetary policy and that curbing demand," he added.

PRICES
* Three-month copper on the London Metal Exchange was at $7,410 a tonne by 0732 GMT, after falling to $7,373 a tonne, its lowest in over a month and versus a close of $7,490 a tonne on Tuesday, when it tumbled more than 4 percent.

* Three-month aluminium fell to $2,110 a tonne, its lowest since February 26 and was last at $2,119 a tonne. The power-intensive metal saw a 7.1-percent slump in the previous session, its biggest one-day fall in at least five years.

reduceditem

The Greek stock exchange has announced a ban on short-selling this morning.

foofi22

[FONT=&quot]Forgive me if I'm wrong, but didn't these 'credit rating agencies' get it spectacularly wrong with regards to sub-prime lending etc which led to the recession? Not that I'm saying they are wrong in this instance of course!
[/FONT]

reduceditem

foofi22 wrote: »

[FONT=&quot]Forgive me if I'm wrong, but didn't these 'credit rating agencies' get it spectacularly wrong with regards to sub-prime lending etc which led to the recession? Not that I'm saying they are wrong in this instance of course!
[/FONT]

That's reason to be more worried not less.

Nosht

Is this the start?
BRIC are doing OK; PIGS are doomed.
Britain should be down rated, no longer AAA. :eek:


Regards,


N.


BRIC = Brazil, Russia, India, China.

PIGS = Portugal, Italy, Greece, Spain.

worldtraveller

reduceditem wrote: »

The Greek stock exchange has announced a ban on short-selling this morning.

I wonder if that includes the Greek government? :whistle:

lemonjelly

inspector_monkfish wrote: »

08:05 28Apr10 -EUROPE: Risk update - Greece, Portugal, where next?

07:05 GMT - [RISK WATCH] With Portugal now joining Greece on 'default row' fears
of contagion have really gripped markets, and without wishing to add more
fuel to the fire the whole debt/credit malaise that appears to be fraying
Euroland at the margins appears to be almost unstoppable, at least in the
current internally combustible environment. Unless a 'final' solution is
quickly put in place for Greece, it seems almost inevitable that other EMU
peripherals will suffer at the hands of speculative predators looking for
the next potential prey. Spain could fall into this category, and the
task of keeping the country solvent would obviously be that much tougher
than keeping either/both Greece and Portugal afloat altogether. Turning
to the markets, deep risk aversion is clear in the form of a sharp
downturn in stocks, the Euro and softer oil, while Govt bonds and Gold
benefits from increased safe-haven demand.

Do we think that the rest of euroland is going to rush to save the greeks & the euro? Or is it more likely that greece will be exiting the euro in some form (perhaps returning to their own currency?)

& there you were a week or so ago complaining it had been a little boring Inspector!:D