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Ireland Sovereign Debt Down Graded By S&p

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BREAKING NEWS

checking news but can't find at the mo, can you update to what. It was expected with their situation.

When does S&P cut its own rating?

:lol:

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S&P downgrades Ireland on financial sector cost

SAN FRANCISCO (MarketWatch) -- Standard & Poor's said late Tuesday it downgraded Ireland's long-term sovereign credit rating to AA- from AA because of the high cost to prop up that country's financial sector. The outlook is negative. "The downgrade reflects our opinion that the rising budgetary cost of supporting the Irish financial sector will further weaken the government's fiscal flexibility over the medium term," said Trevor Cullinan, an S&P credit analyst, in a statement.

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S&P downgrades Ireland on financial sector cost

SAN FRANCISCO (MarketWatch) -- Standard & Poor's said late Tuesday it downgraded Ireland's long-term sovereign credit rating to AA- from AA because of the high cost to prop up that country's financial sector. The outlook is negative. "The downgrade reflects our opinion that the rising budgetary cost of supporting the Irish financial sector will further weaken the government's fiscal flexibility over the medium term," said Trevor Cullinan, an S&P credit analyst, in a statement.

thanks

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Yep, just caught this breaking on Bloomberg Europe a few mins ago. They were doing a feature on some "Sin" fund started by some Americans to invest in cigarette and booze company, then cut away from it to say the Ireland have been downgraded to AA-

Any thoughts on implications?

Edited by RJG18

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This is just great. The Irish suffer swingeing cuts and a nasty austerity package. And for what? All the savings will be paid out in increased interest on the national debt. A higher rate of interest will be charged due to the rating downgrade.

This blog picked up on this money making scheme - http://gregpytel.blogspot.com/2010/08/irish-lesson.html

Social unrest is looking more and more likely.

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£ & $ to collaspe, last chance to lash out at the Euro, "sadly" (singger) China got Germanys back...The Euro will NOT be allowed to collaspe, the $ will.

Mike

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BY 2011, one euro in every 10 raised in taxes in Ireland will go on servicing the national debt, according to Moody’s Investor Services, the credit rating agency. Among the 16 euro-zone countries, the ratio is expected to be higher only in Greece and Italy.(The Irish Times)

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This is just great. The Irish suffer swingeing cuts and a nasty austerity package. And for what? All the savings will be paid out in increased interest on the national debt. A higher rate of interest will be charged due to the rating downgrade.

This blog picked up on this money making scheme - http://gregpytel.blogspot.com/2010/08/irish-lesson.html

Social unrest is looking more and more likely.

So correct about short termism and probsbly likely true overall. Plus US playing their look over there trick before liquifying themelves into oblivion.

Saturday, 14 August 2010

Irish lesson

The UK government was warned in the article “Prime Minister, sort out this mess, please” about the risk that by making all the savings and cuts, without taking adequate protective steps, it is is “inviting” the “financial markets” to downgrade the UK rating. I.e. the saving and cuts are very likely to be perceived by the “markets” as the government's increased capacity to borrow short term by the amount of those cuts and savings. Hence it will be able to pay more in interests to the “financial markets”. There seems to be a little doubt that the “financial markets” are not going to miss such opportunity to get even more money from the taxpayers. “Financial markets” have a very short term strategies. Practically it is all about to the next bonus, a Madame Pompadour view of the world: “aprés nous le déluge”. As it seems the credit rating agencies do not play a role of objective judge of credit worthiness but are merely tools for making money by the “financial markets” players.

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£ & $ to collaspe, last chance to lash out at the Euro, "sadly" (singger) China got Germanys back...The Euro will NOT be allowed to collaspe, the $ will.

Mike

..Ireland is part of the Euro...one would expect greater support from Brussels ..... :rolleyes:

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Sentiment manipulation.

Sell all your Euros to Mr Blankfein. Do not pass go. Do not collect your bonus.

It's comical how the 'families' do this really.

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Yep, just caught this breaking on Bloomberg Europe a few mins ago. They were doing a feature on some "Sin" fund started by some Americans to invest in cigarette and booze company, then cut away from it to say the Ireland have been downgraded to AA-

Any thoughts on implications?

It's quite simple for the Irish government. Stop the open ended support for Anglo Irish and let the unthinkable happen - their biggest bank being broken up and bits of it going bust. They will be better for it in the long run.

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This is just great. The Irish suffer swingeing cuts and a nasty austerity package. And for what?

It does not take a rocket scientist to figure this out. If you make enough cuts then you need to borrow less, or even not at all. The rate you pay is generally lower as well. If you think they could have just gone on, maybe have a look where that approach took Greece.

All the savings will be paid out in increased interest on the national debt. A higher rate of interest will be charged due to the rating downgrade.

This blog picked up on this money making scheme - http://gregpytel.blo...ish-lesson.html

The blog seems to suggest that the "market" would cut the interest rate if the government could not afford to pay it, and increase it otherwise. This is horrible illiterate nonsense. Germany can afford to pay more interest, but does not. Greece cannot afford its commitments but their rates are enormous. Just why would Ireland or the UK be any different.

Social unrest is looking more and more likely.

Try another surprise. It's not like it's difficult to predict now that Greece helpfully provides a preview of what the rest of the GIPSI have coming. Well, it's either that or it is contained.

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This is just great. The Irish suffer swingeing cuts and a nasty austerity package. And for what? All the savings will be paid out in increased interest on the national debt. A higher rate of interest will be charged due to the rating downgrade.

This blog picked up on this money making scheme - http://gregpytel.blogspot.com/2010/08/irish-lesson.html

Social unrest is looking more and more likely.

Yup! And coming to a country much closer to you soon. See where voting Tory will get you. However, the amount of "circuses" being touted (Olympics and World Cup) plus possible "bread" of decriminalisation of several drugs might just keep the masses here passive.

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Whaddaya mean 'could'?????? FOr someone like him to be using such alarming language...

I've got 6 locks including Bath Deep Lock to get through before the weather goes titzup! :(

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Yup! And coming to a country much closer to you soon. See where voting Tory will get you.

...if Nuliebour had been voted back in ..we would have been there already.... :rolleyes:

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  • 201 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% +
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      • Even
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