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Belgium Facing Downgrade As Crisis Spreads

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Europe (news) 's debt woes have moved closer to the core of monetary union after Standard & Poor's threatened to downgrade Belgium over the failure of Flemings and Walloons to form a government.
The warning comes a day after the International Monetary Fund said Belgium "urgently needed" to control spending as public debt pushes above 100pc of GDP. "A clear plan is needed to contain contagion from abroad," it said.
The yield spread on
Belgian 10-year bonds has ballooned to 102 basis points over German Bunds
, raising fears of a funding squeeze next year. S&P said the country needs to refinance debt equal to 11pc of GDP next year, leaving it "exposed to rising real interest rates"..../
Spain also faced fresh debt woes at an auction on Tuesday
. The yield on €2bn (£1.7bn) of one-year bills jumped to 3.4pc, up 100 basis points in a month. "It was pretty dire," said David Owen from Jefferies Fixed Income.

2011 could prove to be a real dilly of a year. Hrmphff, I do think so, I must say.

Euros anyone? (Yeth pwease say the forex twaders...buy buy buy!!!)

Edited by Realistbear
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Can someone explain the constant use of the word contagion to me with regards to financial crisis in EU countries.


they are already infected, but when the plates stop spinning in one, the facade of "wealth" is revealed to be yet to materialise in another.

Edited by Bloo Loo
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