Moody's significantly downgrades Italy

useless_git_requires_wife

.....just in


EDIT: from Aa2 to A2 with a negative outlook

I bet some Italian bankers will have felt their bowels loosening as they heard that.

1984ReturnsForReal_2

http://www.bbc.co.uk/news/business-15176947

.................

michaels

And the Dexia thang kicking off big time.

Last time the central banks were able to inject the necessary solvency to just prevent market meltdown. This time the question is do the central banks still have the necessary fire power - and if they don't, then what? :eek:

Thrugelmir

Seems as if the politicians are running out of time to take corrective action.

mcc100

Thrugelmir wrote: »

Seems as if the politicians are running out of time to take corrective action.

There is no corrective action that the politicians can take ...... and they know it.

Thrugelmir

mcc100 wrote: »

There is no corrective action that the politicians can take ...... and they know it.

Um...... yes there is. Make tough sound financial decisions.

mcc100

Thrugelmir wrote: »

Make tough sound financial decisions.

Too late .... those decisions needed to be made in 2008.

Mrs_Bones

Thrugelmir wrote: »

Um...... yes there is. Make tough sound financial decisions.

Problem with Europe is that even when they make decisions it takes ages for them to be put in to action. By the time anything is put into action, events have already surpassed it.

The decision to increase the money pot taken in July which was suppose to solve problems still hasn't been fully agreed upon with only 10 of the 17 countries pushing it through as yet.

TruckerT

Thrugelmir wrote: »

Um...... yes there is. Make tough sound financial decisions.

That would probably mean divorcing themselves from their cronies in the banking system, which might destroy them all

TruckerT

The_White_Horse

but what is the point in giving greece more money??? they will waste it on public sector layabouts and then come begging for more. they will never sort themselves out. they are lazy and !!!!less. they lived the high life on borrowed cash and now they have to pay it back. if they can't then they go bankrupt. same for ireland and italy and portugal.

it is madness. a few countries continually giving to others. especially when the ones giving are also in massive debt.

this is decades and decades of bloated public sectors coming back to haunt us. this is far more than the banks. the banks are small fry. the public sectors have been taking hundreds of billions out of each country every year. until this is realised, there will never be a solution.

shortchanged_2

The_White_Horse wrote: »

but what is the point in giving greece more money??? they will waste it on public sector layabouts and then come begging for more. they will never sort themselves out. they are lazy and !!!!less. they lived the high life on borrowed cash and now they have to pay it back. if they can't then they go bankrupt. same for ireland and italy and portugal.

it is madness. a few countries continually giving to others. especially when the ones giving are also in massive debt.

this is decades and decades of bloated public sectors coming back to haunt us. this is far more than the banks. the banks are small fry. the public sectors have been taking hundreds of billions out of each country every year. until this is realised, there will never be a solution.

Were you sacked from the public sector once by any chance?