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Portugal Downgraded..but It Is Contained

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http://www.bloomberg.com/news/2010-07-13/euro-declines-against-dollar-yen-as-moody-s-cuts-portugal-s-credit-rating.html

Euro Declines Against Dollar, Yen as Moody's Cuts Portugal's Credit Rating
By Catarina Saraiva and Matthew Brown - Jul 13, 2010
The euro fell against the yen for a third day after Moody’s Investors Service reduced Portugal’s credit rating, stoking concern that the region’s sovereign-debt crisis will slow the economic recovery.
“The euro was really buffeted by the downgrade in Portugal,” said Boris Schlossberg, director of research at the online currency trader GFT Forex in New York. “It brings back all of the worries of sovereign-debt issues that have been haunting it for the past several months.”

Looks like all the EU banks have passed the stress tests with flying colours too. Imagine the carnage if they didn't.

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The euro fell against the yen for a third day after Moody’s Investors Service reduced Portugal’s credit rating, stoking concern that the region’s sovereign-debt crisis will slow the economic recovery.

Looks like all the EU banks have passed the stress tests with flying colours too. Imagine the carnage if they didn't.

Now isn't that good to hear? - No stress RB now the recovery is locked-in even here, ......... as I sit by my (banana republic approved) pool.

Who'd a thought it possible.

All hail the amazing EZ (& EU). How do these geniuses do it?

To think only a few days ago it was game over.

Can I now give up my emergency back-up country?

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Greek recovery has been faster than a speeding bullet in a vacuum. How quickly the financial storm has passed over--and so easily and effortlessly:

http://news.bbc.co.uk/1/hi/business/10613250.stm

Greece enjoys debt sale success
Page last updated at 10:53 GMT, Tuesday, 13 July 2010 11:53 UK
Greece has successfully sold government bonds in its first attempt since the huge EU-IMF loan bail-out was launched in early May.
It had sought to raise 1.25bn euros (£1.05bn; $1.58bn),
but the offer was oversubscribed
, with bids totalling 3.6bn euros.

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Guest spp

Gold and Silver up or down today RB??

Ooh I forgot, you only ridicule it when it's down, so it must be up.

Those of us who understand Gold/Silver actually don't mind it going down because it allows us to buy more at a cheaper price.

Do you have a personal issue with it or are you a paid shill?

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Gold and Silver up or down today RB??

Ooh I forgot, you only ridicule it when it's down, so it must be up.

Those of us who understand Gold/Silver actually don't mind it going down because it allows us to buy more at a cheaper price.

Do you have a personal issue with it or are you a paid shill?

Gold? Who mentioned gold? Paranoiae must be setting in. :D

Remember the great market truism about one-way bets:

"Not every dip is a buying opportunity, it can signal the beginning of a long bear market."

The great gold crash of 1980/1 sent gold down from c. $860 to almost nothing and it has yet to recover 30 years on (IA).

I agree.

Edited by Realistbear

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Guest spp

Gold? Who mentioned gold? Paranoiae must be setting in. :D

Remember the great market truism about one-way bets:

"Not every dip is a buying opportunity, it can signal the beginning of a long bear market."

The great gold crash of 1980/1 sent gold down from c. $860 to almost nothing and it has yet to recover 30 years on (IA).

I agree.

Paranoia?

1. Not bought an oz for a year. (prepared to back up the truck on any major down move and would be buying physical silver right now if I didn't have a position in either)

2. 1980/1!! I don't know a single person who was buying Gold then.

3. 30 years?? So much for it being a bubble!

4. Are you avoiding my questions by any chance?

5. Were you waving your pom-poms on down days back when CGNAO was advising people to buy Gold?

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http://uk.reuters.com/article/idUKTRE66C15N20100713

The two-notch downgrade to A1, with a stable outlook, briefly hit the euro, but broad market reaction was relatively muted as Moody's made up ground with rival agency Standard & Poor's, which still rates Portugal two grades lower at A-.

Merely playing catch up.

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Press release:- I've just downgraded my plum jam making to zero.

I know I should have considered the effect on the local community, but I couldn't be a***d this year.

There is a chance of recovery next year.

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The storm clouds have passed if the SM is anything to go by:

The FTSE 100 closed 104 points, or 2 percent, higher at 5,271.02, hitting its highest close in over two-weeks, having rallied over 9.5 percent since the index hit its 2010 low on July 1.

Up almost 10% in less than 2 weeks is stratospheric! The dark days of the sovereign debt crisis do seem to be over with confidence soaring everywhere except our property market. No risks left which may be a sell signal for gold but in this market who really knows which way the headless chicken is going to veer next.

BTW I thought the results of the stress tests aren't due yet--must be a leak somewhere to calm the markets.

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No risks left which may be a sell signal for gold but in this market who really knows which way the headless chicken is going to veer next.

The European Central Sponge fixes everything

http://www.zerohedge.com/article/latest-stress-test-rumor-23-haircut-greek-debt-held-trading-books

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Some smell a scammish cover-up:

http://finance.yahoo.com/banking-budgeting/article/110056/the-double-life-of-wall-street;_ylt=AvCXGTGSSvweMDkjfj192c.7YWsA;_ylu=X3oDMTE2aHJwdmdmBHBvcwMxMARzZWMDdG9wU3RvcmllcwRzbGsDaG93bWFza2luZ2Rl?mod=bb-budgeting&sec=topStories&pos=7&asset=&ccode=

Fairy tale season is about to begin.

Wall Street banks and brokerages are readying second-quarter numbers for mass digestion. They'll show healthy balance sheets, tolerable risk levels and have all the trappings of well-run companies.

Don't believe a word of it.

If the second quarter is anything like quarters of the past couple years, risk is up and capital is down. And what you'll see on earnings day bears little resemblance to the business being conducted between the bookends of the start and end of the latest quarter.

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Press release:- I've just downgraded my plum jam making to zero.

I know I should have considered the effect on the local community, but I couldn't be a***d this year.

There is a chance of recovery next year.

Plum jam? At the beginning of july?

This is the week for pickling walnuts.

Hurry up, before the shells form and the moon starts to wane. And don't forget to use silver forks and keep them away from menstruating women.

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Some smell a scammish cover-up:

They'll show healthy balance sheets, tolerable risk levels and have all the trappings of well-run companies.

Don't believe a word of it.

The All-New Instant Recovery Monster Machine? - I'm starting to think resistance is useless/futile

Plum jam? At the beginning of july?

In Portugal, yes.

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http://www.bloomberg.com/news/2010-07-13/euro-declines-against-dollar-yen-as-moody-s-cuts-portugal-s-credit-rating.html

Euro Declines Against Dollar, Yen as Moody's Cuts Portugal's Credit Rating
By Catarina Saraiva and Matthew Brown - Jul 13, 2010
The euro fell against the yen for a third day after Moody’s Investors Service reduced Portugal’s credit rating, stoking concern that the region’s sovereign-debt crisis will slow the economic recovery.
“The euro was really buffeted by the downgrade in Portugal,” said Boris Schlossberg, director of research at the online currency trader GFT Forex in New York. “It brings back all of the worries of sovereign-debt issues that have been haunting it for the past several months.”

Looks like all the EU banks have passed the stress tests with flying colours too. Imagine the carnage if they didn't.

Huh? The euro is currently at a 2-month high against the dollar. :huh:

Edit: Same goes for the yen. Which graphs are these guys looking at? I see no "serious buffeting" or indeed buffeting of any sort. If anything, the opposite. The euro has been steadiliy climbing from the lows it reached against the dollar and yen about 3 weeks ago.

Edited by snowflux

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Its contained in Spain too:

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7888637/Spain-relying-on-short-term-funding-as-councils-go-bust.html

Spain 'relying on short-term funding' as councils go bust
A third of Spain's city councils are in dire straits and may be forced to suspend payments by the end of the year, replicating the woes in the US, where many states are bearing the brunt of fiscal tightening.
By Ambrose Evans-Pritchard, International Business Editor
Published: 9:59PM BST 13 Jul 2010
35,987 Comments
Spanish workers on strike - Spain 'relying on short-term funding' as councils go bust Photo: REUTERS
The great majority of councils in Andalucia are already in deep crisis – either insolvent or muddling through from day to day. More than 400 of the 8,000 councils across the country have stopped paying electricity, water and telephone bills, according to Spanish newspaper El Economista.

Listening to R4 this morning and they were saying that it is a good thing that the EU banks are passing the stress tests. The results of the tests are apparently going to be revealed in 9 days time. Its the old foregone conclusion trick again.

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  • 149 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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