Monday, Jan 19, 2009
A double disaster to start the week
Forbes.com: TOPWRAP 7-UK banks thrown a lifeline, Spain credit rating cut
The worst financial crisis in 80 years has already felled top banks and pushed much of the world into recession.
SPAIN DOWNGRADED
Spain suffered a credit rating downgrade by Standard & Poor's, to 'AA+' from 'AAA', prompting the euro to tumble as investors feared others in the euro zone could suffer the same fate as they spend heavily to refloat their economies.
European Central Bank President Jean-Claude Trichet said for the euro zone as a whole, 'after an exceptionally difficult 2009, to consider 2010 as the year of recovery seems to me like a good working hypothesis'.
Posted by plato @ 07:55 PM (478 views) Add Comment
4 Comments
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1. jack c said...
Fitch (ratings agency) also stated recently that the UK might also be downgarded from AAA
2. enuii said...
Well Jean-Claude would say that as he could say little else, the words are carefully chosen to go over the heads of the less educated.
A working hypothesis is a hypothesis formed when insufficient data exist to find a solution to a problem or an answer to a question.
In other words he hasn't got a clue and is sitting on his hands with his fingers crossed whilst lying through his teeth.
3. plato said...
perfect enuii.......
4. james stephenson said...
The Eurozone is probably thanking its lucky stars that the UK didn't join the Euro. They would really have something to worry about then.