Skip to comments.Moody's cuts Greece government ratings to junk
Posted on 06/14/2010 10:45:38 AM PDT by Kartographer
Moody's Investors Service on Monday downgraded Greece government bond ratings into junk territory, citing the risks in the euro zone/IMF rescue package for the debt-laden country.
The agency downgraded the rating by four notches to Ba1, placing it one notch into junk status. The outlook is stable.
Moody's also downgraded Greece's short-term issuer rating to not-prime from Prime-1.
(Excerpt) Read more at reuters.com ...
Here we go....
Of course - stable junk! Who's next - Spain?
so, what now?
That is going to leave a mark.
The horse has been out of the barn for quite some time. And they’ve now decided to close the door?
All of Eastern Europe is going to be going thru times that make America even now look like one Big New Years Eve blowout. Serbia, Ukraine, Bulgaria, Romania, all of them are going to go under very bad it seems. Heart wrenching, as these nations full of honorable and God loving good people have suffered mnore than enough for several lifetimes. They have hapless, quasi socialist govt’s and it seems like too many people there are breaking from their genuine Christian roots-I sure hope and pray I am wrong about this- and that is making it worse. At soem point they will say enough; after suffering Communism to various degrees and colonialism from Turks (Bulgariam, Serbia), Germans (Serbia) and Russians (Ukraine) I imagine there is not much more they will tolerate.
Even Moody’s doesn’t seem to understand that we aren’t simply “in a cycle.”
You’re absolutely right.
What’s your take on this? Is it as dire as it sounds?
Wish I had a dollar for every time someone posted that here at FR, I'd be rich.
If the DOW drops by more than 50 points it's a sure bet someone will post this sentiment.
You’re right...the destruction began on 11/4/08.
I think that they understand. They're just participating in the psychological game of "getting people to spend money". In other words, their goal was to make the people think that everything is OK and it's acceptable to carry on as usual. Kind of like our government telling everybody to go out and spend post-9/11.
Closing the barn door after the horses are out.
After 9/11 we were in a normal biz cycle (for a nation that had it’s economic center hit by terrorism)...things bounced back. After 11/4/08, all things changed - nothing is the same.
See post 18.
Great minds, and all that. :)
So true. =)
Coming soon to a nation near you.
That is true - while the US debt was not good in 2001, it wasn't nearly in the position that it is now. And, unemployment wasn't nearly as high as it is now. As for Greece, I don't know their situation at that point in time, but I'm certain that it's a LOT worse now.
The US is only a couple of years behind Greece now, tanks to Obambi and the commies in Congress. Our government's credit rating shouldn't be as high as it is.
“All of Eastern Europe is going to be going thru times that make America even now look like one Big New Years Eve blowout. Serbia, Ukraine, Bulgaria, Romania, all of them are going to go under very bad it seems. Heart wrenching, as these nations full of honorable and God loving good people have suffered mnore than enough for several lifetimes. They have hapless, quasi socialist govts and it seems like too many people there are breaking from their genuine Christian roots-I sure hope and pray I am wrong about this- and that is making it worse. At soem point they will say enough; after suffering Communism to various degrees and colonialism from Turks (Bulgariam, Serbia), Germans (Serbia) and Russians (Ukraine) I imagine there is not much more they will tolerate.”
If you did not identify the countries, I could have mistaken your description for the USA. I suppose that we have only begun to suffer the pains of Marxism so we cannot be called long suffering.
Well yeah you are right. The next 5 years or so will be a small sample of what countries like Ukraina and Romania have been going through for a century, and it will drive who knows how many Americans insane to the point they need to be committed.
My Diner Futures!
Moody’s was paid for that opinion...
My electricity has been off much of the day...and, Obama came to town too.(Probably still here now)
Bingo.....Portugal, Spain, France, UK, etc. are next......
Don’t worry, Al Franken’s amendment to nationalize the security rating system means that US debt will always be rated AAAAAAAAAA.
Just like the Russians, they have largely chosen that lifestyle themselves. And you confirm this in your own words:
"PThey have hapless, quasi socialist govts"
And they were not junk before?
Actually the truth is far more complex.
Russia has a 13% flat tax as opposed to the US draconian tax rules based on mile high rules that cater to every special interest who ever asked for favors. Unlike us, Russia exploits its God given natural resources and its economy is far healthier than ours at present.
Also your point about the Eastern Europeans-—I submit that even after the horrors of living under a Soviet marxist era the people have turned to their Christian roots and are far more ardently Christian than the wishy washy Christianity of this nation or their cousins in Western Europe.
Finally, Ukrainians were ruled by a Ukrainian Communist party - ethnic Ukranians. Russia was ruled by a Soviet communist party, the Poles under the Polish commies etc etc. These communists did not believe in ethnicity - they were soviets. The Russian non communist people suffered more under the communist system than any other ethnic groups except possibly the Chinese.
As for the Greeks—after causing Hitler a ton of trouble - they fought a 5 year bloody civil war to oust the communists after WWII. Their economic woes are made possible courtesy of membership into the EU - a flawed an immoral cabal. That as well as a so called conservative govt which was as corrupt as any to be had with Socialists. Sound familiar?
What good is a low tax when Putin can tax you 100% of your assets by confiscating them?
You may not be aware...have you ever heard of the term “oil/oligarch” - you know the corrupt plutocrats who want to make fast money and then skeddaddle-—kind of like what Hillary’s brothers were up to in Georgia and Azerbaijan...and what drug dealers do.
They belong in prison—here and there and everywhere
is that the “gosh darn it people like me” bill?
that is one way to shut down the internet.