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Realistbear

Greece Just Got Downgraded To Mega-Junk Status

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http://uk.finance.yahoo.com/news/S-P-downgrades-Greece-rating-reuters_molt-2406055081.html?x=0

15:50, Tuesday 29 March 2011
ATHENS (Reuters) - Standard & Poor's downgraded Greece's debt deeper into junk status on Tuesday, saying that a bailout scheme agreed by euro zone leaders last week increased the likelihood of debt restructuring.
The firm cut Greece's rating by two notches to BB-, lower than its rating of BB for Turkey and Egypt, and warned it could downgrade the debt-choked country by another one or two notches in case of budget slippages.

Not sure anyone believes its all contained anymore. PIIGS at breaking point as Ireland begs for leniency and Portugal moves toward the end of the denial phase.

Euros anyone? :P

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http://uk.finance.yahoo.com/news/S-P-downgrades-Greece-rating-reuters_molt-2406055081.html?x=0

15:50, Tuesday 29 March 2011
ATHENS (Reuters) - Standard & Poor's downgraded Greece's debt deeper into junk status on Tuesday, saying that a bailout scheme agreed by euro zone leaders last week increased the likelihood of debt restructuring.
The firm cut Greece's rating by two notches to BB-, lower than its rating of BB for Turkey and Egypt, and warned it could downgrade the debt-choked country by another one or two notches in case of budget slippages.

Not sure anyone believes its all contained anymore. PIIGS at breaking point as Ireland begs for leniency and Portugal moves toward the end of the denial phase.

Euros anyone? :P

We are not in the denial phase.

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http://uk.finance.yahoo.com/news/Greece-readies-new-measures-reuters_molt-1921636163.html?x=0

Greece readies new measures to plug hole
George Kopaloadofthis, 16:38, Tuesday 29 March 2011
ATHENS (Reuters) - Greece will take new measures to compensate for a revenue shortfall in the first quarter and make sure it meets its goal of cutting its budget deficit by 2 percentage points this year, officials said on Tuesday.

They are about to have a painful and degrading experience.

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Portugal's also been downgraded again again

When the downgrades started the FTSE used to have mini stroke every time one was announced. Now there's not even a flicker. Are we all bored of downgrades?

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When the downgrades started the FTSE used to have mini stroke every time one was announced. Now there's not even a flicker. Are we all bored of downgrades?

It ought to go up, not down.

The consequence will be money printing, some of which will end up in the markets.

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When the downgrades started the FTSE used to have mini stroke every time one was announced. Now there's not even a flicker. Are we all bored of downgrades?

http://uk.finance.yahoo.com/news/Standard-Poor-downgrades-reuters_molt-883429027.html?x=0

Portugal downgraded
The downgrades left Portugal one notch above junk and Greece's creditworthiness below that of Egypt, deepening the debt troubles for two of the weakest countries in the euro zone.

Yup--a big yawn now. Not even a blip. Shows you how bad things must really be when economic anaesthetic innoculates us against feeling the effects of disaster. Plutonium issues in Japan and no one even flinches. Pound sails along as if we didn't have the worst trade gap ever and a current account deficit 25% bigger than last month. Yawwwwwwwwwwwwwwwwn.

Edited by Realistbear

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http://uk.finance.yahoo.com/news/Standard-Poor-downgrades-reuters_molt-883429027.html?x=0

Standard & Poor's downgrades Greece and Portugal

Andrei Khalip and Ingrid Melander, 17:26, Tuesday 29 March 2011
LISBON/ATHENS (Reuters) - Standard & Poor's downgraded Greece and Portugal on Tuesday, citing risks that the countries' debts could be subordinated to any future European bailout mechanism, and sending their bonds sharply lower.
The downgrades left Portugal one notch above junk and Greece's creditworthiness below that of Egypt, deepening the debt troubles for two of the weakest countries in the euro zone.
The bonds of both countries were hit, with Portuguese 10- and 2-year yields jumping to euro lifetime highs and Greek 2-year yields rising 10 basis points to 15.46 percent.
"Apparently the rating agency sees the risk of the ESM (European Stability Mechamism) triggering a situation when the debt is not safe," said Silvio Peruzzo, an economist at RBS (LSE: RBS.L - news) in London. "If a country defaults, the ESM, as a senior creditor, gets the money before investors and investors may take a loss."

Markets could care a less anymore. Sovereign debt collapse and still the Euro is able to survive--even rise on the news. :blink:

Debt must be mm-good!

Edited by Realistbear

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  • 312 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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