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Deckard

Moodys Downgrades Ireland To Junk

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I can't see this posted yet.

Ireland’s credit rating was cut to non-investment grade by Moody’s Investors Service, joining Portugal and Greece to become the third euro-area country to be lowered to junk.

The rating was lowered to Ba1 from Baa3, Moody’s said in a statement today. The outlook remains negative. Portugal’s rating was cut four levels to Ba2 July 5, by Moody’s.

Ireland, which had a top Aaa rating just over two years ago, lost its investment status after a real-estate boom collapsed, fueling bank bailouts and a surge in the country’s debt. The government was forced to seek an 85 billion-euro rescue in November 2010, as Europe’s worst banking crisis overwhelmed the government’s austerity efforts.

“The key driver for today’s rating action is the growing possibility that following the end of the current European Union/International Monetary Fund support program at year-end 2013 Ireland is likely to need further rounds of official financing before it can return to the private market, and the increasing possibility that private sector creditor participation will be required as a precondition for such additional support,” Moody’s said in a statement today.

Moody’s cut Ireland’s credit rating two levels on April 15 to the lowest investment grade. Ireland’s debt will rise to 118 percent of gross domestic product in 2012 from 25 percent at the end of 2007, the European Commission has forecast. Taxpayers have pledged as much 70 billion euros to shore up the country’s debt-laden financial system.

Of course, the conspiracy theorists and dollar haters on here will say this is all pre-planned :rolleyes:

Or maybe, they might just accept that the Euro in its current form is killing the PIIGS, and only benefiting Germany, and hence doomed to fail.

Edited by Deckard

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I can't see this posted yet.

Of course, the conspiracy theorists and dollar haters on here will say this is all pre-planned :rolleyes:

Or maybe, they might just accept that the Euro in its current form is killing the PIIGS, and only benefiting Germany, and hence doomed to fail.

Ironically, it shows how fecking useless ratings agencies are, if they were rating Ireland as aaa only 2 years ago...

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I can't see this posted yet.

Of course, the conspiracy theorists and dollar haters on here will say this is all pre-planned :rolleyes:

Or maybe, they might just accept that the Euro in its current form is killing the PIIGS, and only benefiting Germany, and hence doomed to fail.

Get that head out of the sand Deckard. No 'conspiracy'...the £, $ and € are all in deep trouble.

You know you want to...roll out the Gold 'bug' label.

Soon the question is going to be...where were you when Gold hit '£'1000.

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Get that head out of the sand Deckard. No 'conspiracy'...the £, $ and € are all in deep trouble.

You know you want to...roll out the Gold 'bug' label.

Soon the question is going to be...where were you when Gold hit '£'1000.

Agreed, America and indeed the UK (since we've fixed sweet F.A.) are both going to have their turn in the hurt locker along with Europe. The market likes to focus on one mini-crisis at a time inside the mega-crisis that is the indebted and unrepairable fiat money system.

I see gold hitting £1000 by the end of this week and that is the spot price too, at the current £981 price there is no nowhere you can buy 1 oz for less than a grand, not even HGM.

Say hello to a grand-an-oz Gold :)

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Ireland MUST do what Iceland did.

Iceland said NO to bailing out the bankers. Senior members of Icelands parliament were then told, at the peak of the pressure, by the IMF, that if Iceland did not give in, and bail out the bankers, they only had three weeks of food left, and the entire country would face mass starvation, as the IMF would see to it that food imports would stop from the continent.

Ireland should default.

It does not need borrowed money from Europe, to survive. And tell the bankers to f"rk off. And never borrow money again. Ireland can create their own currency as a sovereign nation.

Reject the Euro.

Withdraw from the Euro.

Print Sovereign money without debt.

Pay off Irish bondholders with Irish money. [if they dont like that. Tough.]

Stop Fractional Reserve lending.

Banks only allowed to lend money they have. [The banks literally own the Irish government, as the Irish government borrows counterfitted money from the banks!! And who allows this legalised counterfeiting, to continue?!...Yep! The Irish governmnet!! Insanity]

Edited by Dan1

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What do the agencies gain by sounding the alarm?

What do you mean by 'sounding the alarm' exactly?

The house caught fire years ago, burnt down, embers now still, cold and swept away and only rack and ruin left.

Sounding the alarm now, are they? Give me a break!

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Ireland MUST do what Iceland did.

Iceland said NO to bailing out the bankers. Senior members of Icelands parliament were then told, at the peak of the pressure, by the IMF, that if Iceland did not give in, and bail out the bankers, they only had three weeks of food left, and the entire country would face mass starvation, as the IMF would see to it that food imports would stop from the continent.

Ireland should default.

It does not need borrowed money from Europe, to survive. And tell the bankers to f"rk off. And never borrow money again. Ireland can create their own currency as a sovereign nation.

Reject the Euro.

Withdraw from the Euro.

Print Sovereign money without debt.

Pay off Irish bondholders with Irish money. [if they dont like that. Tough.]

Stop Fractional Reserve lending.

Banks only allowed to lend money they have. [The banks literally own the Irish government, as the Irish government borrows counterfitted money from the banks!! And who allows this legalised counterfeiting, to continue?!...Yep! The Irish governmnet!! Insanity]

That is the solution we must all go to. It is just stupidity for the government to borrow conterfeit money from the banks and pay them perpetual interest on it.

And as a basic point if the sovereign is liable for the bankers losses then the sovereign should own the bank. The Chinese have a model that is working where they do have fractional reserve banking.. but the banks that have the license to create money are owned by the government.

This gives them another advantage.. we have to beg our private bankers to lend money that they create out of thin air to finance projects of national development. Like industrial expansion in an area. Often the bankers say no, or want so much interest that it is not viable. In China the government owned banks say yes and this has been a big factor in the nation of China developing so much industry.

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  • 284 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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