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Spain is getting a bailout
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Credit ratings agency Moody's Investors Service cut its rating on Spanish government debt on Wednesday by three notches to Baa3 from A3, saying the newly approve euro zone plan to help Spain's banks will increase the country's debt burden.
Moody's now puts Spain's rating one notch above junk status. Standard & Poor's rates Spain two notches higher at BBB-plus with a negative outlook. Fitch Ratings cut Spain's rating by three notches on June 7 to BBB - one notch above Moody's - and put a negative outlook on the credit.
ReutersThere is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
worldtraveller wrote: »Credit ratings agency Moody's Investors Service cut its rating on Spanish government debt on Wednesday by three notches to Baa3 from A3, saying the newly approve euro zone plan to help Spain's banks will increase the country's debt burden.
Moody's now puts Spain's rating one notch above junk status. Standard & Poor's rates Spain two notches higher at BBB-plus with a negative outlook. Fitch Ratings cut Spain's rating by three notches on June 7 to BBB - one notch above Moody's - and put a negative outlook on the credit.
Reuters
Sent interest rates on bonds to a new record high of 6.85%. Seen as unsustainable now (apparently).
Next thing for Merkel to do is pass legislation on ratings agencies
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And then Merkel goes and spoils it all by saying people shouldn't rely on Germany, it's not that rich, etc. Spanish bonds hit 7%.
When it comes to building confidence, she hasn't got the first clue."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
And then Merkel goes and spoils it all by saying people shouldn't rely on Germany, it's not that rich, etc. Spanish bonds hit 7%.
When it comes to building confidence, she hasn't got the first clue.
To be honest, she does have a point. I don't think Germany has got enough on it's own to bail out Ireland, Greece, Cyprus, Spain and possibility Italy. Even if it had, the German people would be incensed if their government agreed to it.
Germany has done very well out of the Euro and the rate it's been pegged at. All good things come to an end though and the favorite rates Germany has enjoyed will have to finish soon, if the other countries are set free.[FONT="]“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ~ Maya Angelou[/FONT][FONT="][/FONT]0 -
Graham_Devon wrote: »Sent interest rates on bonds to a new record high of 6.85%. Seen as unsustainable now (apparently).
Another day closer.
Are we heading for another Black Tuesday?0 -
To be honest, she does have a point. I don't think Germany has got enough on it's own to bail out Ireland, Greece, Cyprus, Spain and possibility Italy. Even if it had, the German people would be incensed if their government agreed to it.
I'm finding it all hugely amusing that the consensus forming amongst everyone other than the germans, is that the germans have to bail everyone else out.
If Merkel can sell that one to her electorate she should get a gold star.0 -
heathcote123 wrote: »I'm finding it all hugely amusing that the consensus forming amongst everyone other than the germans, is that the germans have to bail everyone else out.
Easy way out.
No one wants to face the reality of the situation. i.e. a drastic cut in living standard.0 -
Thrugelmir wrote: »Easy way out.
No one wants to face the reality of the situation. i.e. a drastic cut in living standard.
I don't think anyone cares if its the germans that get the cut in living standards - in fact this seems to be what they are after
It's all such a huge mess its hilarious - all these politicians that just cant face up to a simple truth and continue on a turd polishing mission. Or rather forcing the germans to polish the turd.
I'm sure this wasnt what they had in mind when they wanted to be at the heart of europe.. 0 -
heathcote123 wrote: »I don't think anyone cares if its the germans that get the cut in living standards
My point is. That is what's on its way for many people across Europe. The debt boom created an illusion of wealth that was a mirage. Poor countries didn't become rich. They just had access to cheap credit. Then went on a spending spree.0
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