Europe debt crisis widens as Spain's credit rating lowered
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17 Comments
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0
Molenir
Sure enough, there goes Spain. The way things are going, the whole system is going down. Greece and Portugal are one thing, but Spain is way too big to handle. Look for Italy to follow suit.
0
goddog
3 down, and how many more to go. Time to get rid of the Euro
0
Weasel
Isn't making such a statement disobeying one of the Ten Commandants?
0
Weasel
I'd say Ireland is certainly in a close second place - if not first
0
jruaustralia
Italy's too big to fall.
0
Sarge
"Italy's too big to fall"
It's too big to fail, too.
0
Speed
What I'd like to know is how will this affect Japan? Obviously not in a positive way, but how much of a blow will it be to us here?
0
nandakandamanda
Someone stands to make a lot of money out of this. Who is Standard & Poor’s credit analyst Marko Mrsnik ??? Some mighty powerful pronouncements here. What connections does he have?
Shades of George Soros.
0
Molenir
Yep, Ireland is right there too. I wouldn't be surprised if it was next either.
0
GJDailleult
Amazingly the word "bank" shows up only once in this article.
"At minimum, a Greek default would roil the balance sheets of European banks holding Greek bonds." And so they should get roiled. Just as every junkie has a dealer, every excessive borrower has an excessive lender. These lenders are supposedly experts at "risk management" too, but they happily kept lending until these countries hit the debt saturation point where they can't service the debt. But for some reason they are not expected to share in any of the pain, that is the job of the people of these countries to shoulder. Have to maintain the fiction that the world's banking system is actually solvent, that's their job.
Banking - lending imaginary money that you don't actually have to people who can't actually pay you back and paying yourself a big fat bonus for being so brilliant at doing it. Jobs don't get much better than that!!!
0
Badsey
it seems the financial terrorists have scammed another nation and made the populace their "tax slaves"
0
grafton
There is a growing idea in Europe that Greece, and perhaps Portugal, could leave the Euro for a period of time so to be free to revalue their currency. If “get back in” conditions were set at a higher level of stringency than were when Greece first joined the EU it might just teach that country to play by the rules rather than believing they can lie their way passed any problem. Spain losing it’s rating feels wrong, there really is something not right about this, both the US and the UK are in far worse states yet haven’t been downgraded and why Ireland didn’t raise a white flag weeks ago I really don’t know. Spain isn’t in a good state but it is not this high up the list of dodgy states. Maybe what we are seeing here is a weaken of the Euro in an effort to strengthen both the dollar and the pound. After the last two or three years believing anything a financial expert says is anything but easy.
0
TheQuestion
Hmm...Ireland, Italy, or Portugal next. I need to talk to my bookie and see about getting a pool started on this.
Nah, a good fiction has to make sense. The real world has no such requirements.
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Molenir
Spain is in a terrible state. US and UK are in trouble, no doubt about it. However Spain Ireland, Italy, Portugal, Belgium, and Greece are all states that have deficit spent until their debt was higher than their GDP. The US is approaching 90%. Its getting close. Obama seems to want to push it ever higher. Eventually default is going to happen, and these countries won't be able to get loans. They won't be able to deficit spend any more. Argentina is an example of this. Its coming. The rest of Europe won't be able to save these countries. The Euro is almost certain to go down.
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Badsey
Argentina is a good example because they were very rich at one time per capita more than the U.S. --> but then the bankers and slave state took over.
"rich as an Argentine"
0
grafton
Molenir at 12:08 AM JST - 30th April
“Spain is in a terrible state.”
Agreed, but unlike the other counties on the edge Spain still has about half its economy operating in the black. What is seen on paper really represents only about 50% of what is actually happening in the country and that is me being conservative. Its social help programmes are draconian so even with high levels of unemployment government will not be paying out as much as, for example, the UK, besides a lot fewer of those “unemployed” are unemployed. The Spanish learned how to live under Franco, lessons that will keep them safer longer.
0
rajakumar
Debts this is always there,because banks(money lenders) make debts to lend money. Same type of 100 percent over annual GDP debts,have happened in past.
There is IMF/World Bank,China,Russia, and other surplus nations, can help restructure debts for Greece/others,so that it is more easy to pay back. Many people in all nations will be debt,and their next generation also may keep paying debt. Many people also have paid their debts and own properties and assets. The owner people's assets and properties cash ,are also pumped back into lending funds. As long everyone is okay with system and educated about the system,then things will be okay,though there may be hiccups/woes in the system, like sub prime crash in USA.
Sub prime cash,was a error made by Banks/Politicians,the error is caused by human mistakes.
Obama pushed the loans higher,to make coping better for all,because dow jones dropped to 7K levels. If no new debt,was made then Nikkei and Dow,will at 7K levels,instead of 11K levels. Obama has to control the panic in the systems,so he did right to make more public debts. Austerity measures will take effect,if he did not make more public debts. Austerity measures plan to solve these woes,would have caused more problems in 2010. More debts have stretched the problems over the next decades,to give more time to make surplus and cut deficits.
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