Skip to comments.All EU ratings threatened by crisis: Moody's
Posted on 11/28/2011 12:48:58 AM PST by TigerLikesRooster
All EU ratings threatened by crisis: Moody's
US rating agency Moody's warned Monday that all European Union sovereign ratings were threatened by the current financial crisis.
"The continued rapid escalation of the euro area sovereign and banking credit crisis is threatening the credit standing of all European sovereigns," the agency said in a new special comment.
Moody's said that "in the absence of policy measures that stabilise market conditions over the short term, or those conditions stabilising for any other reason, credit risk will continue to rise."
Greece, Ireland and Portugal all suffered rating downgrades that accelerated unsustainable rises in their borrowing costs over the past two years.
Spain and Italy, which has opened its books to international auditors, have also come under pressure in recent days.
France recently announced deep budget cuts in a bid to retain its top Triple-A rating status.
Economists say it is struggling to hold onto the top ranking it shares with the stronger eurozone economies of Germany, the Netherlands, Austria, Finland and Luxembourg.
(Excerpt) Read more at news.yahoo.com ...
The Eurozone will fall. Mark these words.
I keep wondering what that will look like.
The sooner the better for me, but I do wonder how much financial pain the inevitable collapse will cause those of us like the UK and US who are not in the eurozone? We may not be directly involved but bouth countries are heavily invested in the eurozone.
a two-tier system
About 2 years ago (?) a freeper published a fantastic sounding insider report of a european inner circle plot for a two-tier system, all currency already printed and certain select bankers ready to implement, when it was needed. Wish I could find it, it soounded like tin foil hat stuff. Now ... not so much!
The euro was a dumb idea as is...either the EU changes it’s policies or slowly breaks ups...those are the ideals, I suppose.
The idea was doomed from the start—the different economies just never did mesh. The first real crisis was going to be its last.
No—Barry’s sucking away all the world’s excess cash (credit) didn’t help, either.
Moody’s better watch out or they’re going to find themselves being dragged before all kinds of courts and agencies in Europe and the US.
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