Posted on 10/04/2011 6:53:06 PM PDT by TigerLikesRooster
Moody’s Downgrades Italy By Three Notches
/snip
Here’s the Moody’s report:
Moody’s Investors Service has today downgraded Italy’s government bond ratings to A2 with a negative outlook from Aa2, while affirming its short-term ratings at Prime-1. The rating action concludes the review for downgrade initiated by Moody’s on 17 June, 2011.
The main drivers that prompted the rating downgrade are:
(1) The material increase in long-term funding risks for euro area sovereigns with high levels of public debt, such as Italy, as a result of the sustained and non-cyclical erosion of confidence in the wholesale finance environment for euro sovereigns, due to the current sovereign debt crisis.
(2) The increased downside risks to economic growth due to macroeconomic structural weaknesses and a weakening global outlook.
(3) The implementation risks and time needed to achieve the government’s fiscal consolidation targets to reverse the adverse trend observed in the public debt, due to economic and political uncertainties.
/snip
(Excerpt) Read more at blogs.wsj.com ...
Ruh Roh.
gee I wonder if they’ll try to capture the Holy See...
Greeeaaat. I think we’re experiencing a downgrade bubble.
P!
Bada-Bing... Bada-Bang... Bada-Boom.
I haven’t heard much about Spain lately. I wonder if there will be bad news from that quarter in the next few weeks. It just all seems like it’s piling up into a pile of gasoline soaked rags.
whoa.
would it go back up if they’d kept knox in jail?
/s
That is exactly how it feels to me.
Great- and —it rolls down hill.
Sense Wall Street only trades on Gvernment news, its going to be a bllody day for Obama’s Wall Street’s buddies.
spelling/ sorry
Spain might take a look at the problems Greece has - like much higher interest on their debt - and decide to do whatever they can to avoid that fate. Greece is totally screwed... Wonder if someone will step in to finish them off... ummm, I mean ‘help’ them...
Their financial prospects went down when they had to give Amanda Knox her bail money back.
It’s getting so bad that the Greeks are leaving Greece.
Which no doubt causes the kind of brain drain that just makes things worse for them. As all the productive people leave, the country just ends up with a higher percentage of useless, selfish eaters.
This is what it is like to be in the EU with Greece right now:
As long as no one forecloses it’ll be fine. Particularly for those who’d be doing the foreclosing. ‘) Thanks TigerLikesRooster.
I so stole that for Facebook. :p
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