Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

Spain To Be Downgraded This Week- Guardian

Recommended Posts

http://www.guardian.co.uk/business/2010/sep/29/spain-downgrade-expected-moodys

The decision appears to be imminent as Moody's put Spain's debt on review for a possible downgrade on 30 June, saying it would conclude its analysis within three months. It said then that it would take Spain several years to recover from the collapse of its property market, with GDP growth seen at slightly above 1% between 2010 and 2014. Moody's senior credit officer Steven Hess warned at the end of July that the country was likely to lose its top credit rating.

With Ireland and Portugal already in the Sovereign Debt spotlight this week this can only add to the build up of another panic wave. In the meantime, this is good news for the Euro which rises vs. £ and $ on a contrarian magical mystery tour.

Share this post


Link to post
Share on other sites

http://www.guardian.co.uk/business/2010/sep/29/spain-downgrade-expected-moodys

The decision appears to be imminent as Moody's put Spain's debt on review for a possible downgrade on 30 June, saying it would conclude its analysis within three months. It said then that it would take Spain several years to recover from the collapse of its property market, with GDP growth seen at slightly above 1% between 2010 and 2014. Moody's senior credit officer Steven Hess warned at the end of July that the country was likely to lose its top credit rating.

With Ireland and Portugal already in the Sovereign Debt spotlight this week this can only add to the build up of another panic wave. In the meantime, this is good news for the Euro which rises vs. £ and $ on a contrarian magical mystery tour.

Oooo. And there's a general strike today in Spain.

Cue Bachman Turner Overdrive.

Share this post


Link to post
Share on other sites

http://www.guardian.co.uk/business/2010/sep/29/spain-downgrade-expected-moodys

The decision appears to be imminent as Moody's put Spain's debt on review for a possible downgrade on 30 June, saying it would conclude its analysis within three months. It said then that it would take Spain several years to recover from the collapse of its property market, with GDP growth seen at slightly above 1% between 2010 and 2014. Moody's senior credit officer Steven Hess warned at the end of July that the country was likely to lose its top credit rating.

With Ireland and Portugal already in the Sovereign Debt spotlight this week this can only add to the build up of another panic wave. In the meantime, this is good news for the Euro which rises vs. £ and $ on a contrarian magical mystery tour.

An interesting video about the Spainish economic nightmare and how property speculation has destroyed them.

Take a look in three parts

Share this post


Link to post
Share on other sites

WTF?!?!?!

Thanks for the heads up Realist Bear, I'm off to load up on Euro bonds asap and dump all my gold :lol::lol::lol:

Sarcasm is the lowest form of wit.

(and often the funniest! :lol::lol: )

Share this post


Link to post
Share on other sites

With Ireland and Portugal already in the Sovereign Debt spotlight this week this can only add to the build up of another panic wave. In the meantime, this is good news for the Euro which rises vs. £ and $ on a contrarian magical mystery tour.

Which indicates to me that the only person who thinks there is going to be a panic wave is you.

Share this post


Link to post
Share on other sites

WTF?!?!?!

Thanks for the heads up Realist Bear, I'm off to load up on Euro bonds asap and dump all my gold :lol::lol::lol:

Yup--Spain going pear shaped is a big Euro-boost. I am doing the same as you and loading up on Euros--in fact I am just off now to buy as many as I can before the other PIIGS admit they are in trouble. Just think, general strikes accross Europe and the impact on the FOREXtraders who will be driving the Euro to new and dizzying heights. <_<

Share this post


Link to post
Share on other sites

Which indicates to me that the only person who thinks there is going to be a panic wave is you.

No no, there is already panic, general strikes, frenzied Irishmen* denying anything is wrong and Posen telling the sheeple to work themselves into a spending frenzy to save our economy (HPI). The headless chicken of an economy is still charging around the coupe.

* In an announcement expected on Thursday after the close of European markets, Ireland will reveal details of the estimated cost of dealing with the nationalised bank, amid concern that the scale of the clean-up could seriously endanger national finances and cause new strains in the eurozone.

Edited by Realistbear

Share this post


Link to post
Share on other sites

An interesting video about the Spainish economic nightmare and how property speculation has destroyed them.

Take a look in three parts

The guy who made that video throughout keeps making generalisations about Spain that only apply the very cr*ppiest worst bits, like the part he decided to live in.

The infrastructure is rubbish because the parts of the Valencia and Alicante provinces where there are these huge urbanisations have no jobs - and they never have had any. They built these places in the middle of nowhere. So no Spanish people want to live there. It is the expat ghettos that are suffering the most because foreigners were stupid enough to live in these places with no infrastructure and nothing going on.

There are city developments that are struggling, but that is a different story, such as all the luxury flats in Valencia they can't sell because they ask half a million euros for a 2 bed flat or the awful satellite towns they built 30km from Madrid, where now only the poorest immigrants live paying peppercorn rent.

I guess what I am trying to say is the established parts of Spain are continuing on just like they always have done. It is the places where developers and politicians tried to make a quick euro by selling bad quality buildings in bad locations to naive foreigners that are failing badly.

Edited by mijas99

Share this post


Link to post
Share on other sites

The guy who made that video throughout keeps making generalisations about Spain that only apply the very cr*ppiest worst bits, like the part he decided to live in.

The infrastructure is rubbish because the parts of the Valencia and Alicante provinces where there are these huge urbanisations have no jobs - and they never have had any. They built these places in the middle of nowhere. So no Spanish people want to live there. It is the expat ghettos that are suffering the most because foreigners were stupid enough to live in these places with no infrastructure and nothing going on.

There are city developments that are struggling, but that is a different story, such as all the luxury flats in Valencia they can't sell because they ask half a million euros for a 2 bed flat or the awful satellite towns they built 30km from Madrid, where now only the poorest immigrants live paying peppercorn rent.

I guess what I am trying to say is the established parts of Spain are continuing on just like they always have done. It is the places where developers and politicians tried to make a quick euro by selling bad quality buildings in bad locations to naive foreigners that are failing badly.

As someone who lives in Madrid I go along with much of this - especially about people equating the whole of Spain with some tatty run down resort where they happened to go on holiday once. However I do worry how the rest of Spain will be affected if/when the banks ever have to mark their property "assets" to market.

Share this post


Link to post
Share on other sites

The guy who made that video throughout keeps making generalisations about Spain that only apply the very cr*ppiest worst bits, like the part he decided to live in.

The infrastructure is rubbish because the parts of the Valencia and Alicante provinces where there are these huge urbanisations have no jobs - and they never have had any. They built these places in the middle of nowhere. So no Spanish people want to live there. It is the expat ghettos that are suffering the most because foreigners were stupid enough to live in these places with no infrastructure and nothing going on.

There are city developments that are struggling, but that is a different story, such as all the luxury flats in Valencia they can't sell because they ask half a million euros for a 2 bed flat or the awful satellite towns they built 30km from Madrid, where now only the poorest immigrants live paying peppercorn rent.

I guess what I am trying to say is the established parts of Spain are continuing on just like they always have done. It is the places where developers and politicians tried to make a quick euro by selling bad quality buildings in bad locations to naive foreigners that are failing badly.

Absolutely spot on, I have been saying this for years. It makes great telly/news to cherry pick poorly built/located urbanisations and the brainless expats that often reside there and then relay it as if it is the whole picture. This plays to the audience back in Britain who watch/read with schadenfreude fuelled glee.

The same with land grab stories (affected less than 0.5% of ex pats in Spain).

I call it the Torrevieja Syndrome.

Share this post


Link to post
Share on other sites

As someone who lives in Madrid I go along with much of this - especially about people equating the whole of Spain with some tatty run down resort where they happened to go on holiday once. However I do worry how the rest of Spain will be affected if/when the banks ever have to mark their property "assets" to market.

Coming soon I think. Wife saw a sign in the local Caja today -

"Property for sale and rent"

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 144 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.