Skip to comments.Moody's Downgrades Portugal Sovereign-Debt Rating
Posted on 07/13/2010 1:58:28 AM PDT by ScaniaBoy
LONDONMoody's Investors Service cut Portugal's sovereign-debt rating by two notches to A1 with a stable outlook early Tuesday, citing the government's weakening financial strength and meager economic growth prospects.
The ratings agency said the continued deterioration in Portugal's debt situation suggests the government's financial strength will continue to weaken in the medium term.
(Excerpt) Read more at online.wsj.com ...
Guess there buddies shorts were losing to much money since the market has been up lately.
Spain curbs ‘millionaire’ pay for air traffic controllers (incredible salaries)
According to figures released by the transport ministry last week, 135 controllers earned more than 600,000 euros (830,000 US dollars) per year while 713 earned between 360,000 and 540,000 euros.
By comparison Prime Minister Jose Luis Rodriguez Zapatero earns just under 92,000 euros a year while the average salary in Spain is just over 18,000 euros per year, according to government figures.
In addition, the controllers can retire at the age of 52.
(Excerpt) Read more at breitbart.com ...
Incredible. The Fall of the West. If they make nearly a MILLION DOLLARS a year while they are working, then retire at 52, don’t they get $30,000,000 in retirement pay, if they live long enough??? Total of $50,000,000 each??? What country could ever support this? Oh yeah: Spain, US, UAW, Obama, SEIU, they all want to try!!!
So is that good or bad for Portugal? Hard to tell with a Moody’s rating.
Weren´t Moody the guys who gave AAA ratings to collections of deadbeat mortgages?
NO WORRY, uncork another bottle of Borba, poor yourself your first one of many, and watch the sunset (literally and figuratively).
Well, Greece couldn’t / did not dare to sell 1 year bonds, but had to sell 6 month bonds at 4.65%. Don’t know if I’d dare to take that risk, but at least risk is being considered.
Maybe the fed/ECB is just waiting for all the corporations to refinance.
While cash is still king, keep an eye on dividend equities whose price can reflect inflation.
Went to the store yesterday. Noticed that mayo is no longer available in a quart jar. They are now 30 oz.