Greece Downgraded....if Things Could Get Any Worse

[Realistbear]

http://www.telegraph.co.uk/finance/financialcrisis/8502762/SandP-downgrades-Greece-over-debt-restructuring-worries.html

S&P downgrades Greece over debt restructuring worries

Standard & Poor's has downgraded Greek debt, increasing jitters over the eurozone and pushing European shares lower.

...../

Bond markets continued to signal that it expects a restructuring will happen, with the cost of insuring Greek, Irish and Portuguese debt against default rising further on Monday.

"The Greek situation is like a slow motion car crash. The politicians know they have to dip into the pockets to find a solution to the problems facing Greece," said Jeremy Stretch head of currency strategy at CIBC World Markets in London as debt worries dampened a bounce in the euro..../

This time the Euro is actually dropping on the news. Full blown EZ crisis this summer?

[The Eagle]

The rating agency lost their credibility years ago and this downgrade only confirms that. Nothing has changed to justify it, no new data or anything else, apart from rumors of Greece wanting to leave the Euro.

It is plain obvious that the rating agencies use their power to manipulate the markets for specific interests.

RB if I were you I would be more concerned about your much beloved USD that despite all the Euro problems is still worth much less against the Euro and all major currencies (not to mention GOLD) than a year ago.

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Edited May 9, 2011 by wise_eagle

[MrFlibble]

This time the Euro is actually dropping on the news. Full blown EZ crisis this summer?

Wasn't so many days ago EUR/USD was knocking on the door of 1.50, now it's down to 1.43. Fundamentally nothing as changed, the downgrade is irrelevant and five years too late.

Currencies, commodities, stocks, it matters not, they are all tables at the casino for the bankster to play.

Hard assets are the only thing to believe in these days.

[Deckard]

The rating agency lost their credibility years ago and this downgrade only confirms that. Nothing has changed to justify it, no new data or anything else, apart from rumors of Greece wanting to leave the Euro.

It is plain obvious that the rating agencies use their power to manipulate the markets for specific interests.

Nothing has changed? How about Greece needing further help and an interest rate reduction on EFSF funds, does that not matter?

[General Congreve]

This time the Euro is actually dropping on the news. Full blown EZ crisis this summer?

Would tie in nicely with one of my predictions.

[mattyfc]

Moody's and Fitch are set to pile in with the downgrades as well. The structural problems of the EZ are simply enormous and it will be a gigantic challenge to fix them.

Every day the potential for an uncontrolled disintegration grows larger. The current solution of pouring petrol on the fire does not seem to be working. Time to try something different?

[Xurbia]

It's Mr Bosch making engineering beautiful machinery in Germany versus lazy Mr Spiros avoiding tax and drinking Metaxa in Greece. No problems there then!

[Take Me Back To London!]

Nothing to see here, the man said a year ago..

In a press conference at the International Monetary Fund, Papaconstantinou described as a “red herring” speculation that Greece will be forced to restructure its debt, and he ruled out leaving the euro area. He said the loan package will be “comprehensive” and last for three years.

“A number of people have been betting in certain ways. All I can say is they will lose their shirts,” he said in Washington. “I want to categorically restate that any notion of restructuring is off the table for the Greek government.”

Read more: http://www.businessinsider.com/greece-traders-will-lose-their-shirts-betting-against-us-2010-4#ixzz1Lt342BZk