PORTUGAL and GREECE ratings cut by S&P

chucky

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]

they actually got it spot on

it was the regulation that was all wrong - how can you allow them to class mortgage debt using the same ratings rationale as corporate bonds. once they had been packaged up and sold on the markets, the people that needed to know what was in these tranches of debt didn't have a clue.

DavidP24

As far as I am concerned this is just a way for the market to have a little gamble, today Greece is in play. The are plenty of hedge fund managers who bet on this and have encouraged poor confidence in Greece to their current status of Junk Bonds.

I also think it is likely that it is timed to coincide with threats from Conservatives that a hung parliament would bring uncertainty. Whilst it may, it will not demote us to junk status and the market will get used to it.

Let's not forget that Germany (Europe's most successful economy) has had coalition Governments since the War.

brightonman123

imagine if the Greek govt fails to repay.. would EU 'heavies' go in and repo the Parthenon? lol

inspector_monkfish

Nosht wrote: »

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.

PIIGS = Portugal, Italy, Ireland, Greece, Spain

inspector_monkfish

lemonjelly wrote: »

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

indeed, always something rumbling beneath the surface though....

mystic_trev

inspector_monkfish wrote: »

indeed, always something rumbling beneath the surface though....

............like the curry I had last night!

inspector_monkfish

mystic_trev wrote: »

............like the curry I had last night!

i had a greek yoghurt
i'm sure it was off....

kennyboy66_2

brightonman123 wrote: »

imagine if the Greek govt fails to repay.. would EU 'heavies' go in and repo the Parthenon? lol

Perhaps we could buy the Parthenon and ship it to London.

It would make a fine display plinth for those marbles the British Museum has.

Degenerate

This is looking like the "Lehman moment" of the next wave of the crisis.

inspector_monkfish

Degenerate wrote: »

This is looking like the "Lehman moment" of the next wave of the crisis.

"always look on the briiiight side of life...."