Irish banks get downgraded as bailout fears grow

Associated Press ^ | 11/26/2010 | Associated Press

[SeattleBruce]

"DUBLIN (AP) — Ireland's banks were hit with downgrades Friday — one to junk bond status — as speculation mounted that an EU-IMF bailout of Ireland could require senior bondholders to help cover the massive losses.

Prime Minister Brian Cowen saw his own hold on power slip another notch, as his ruling Fianna Fail party lost a special election for a long-empty seat in parliament. The winner vowed to force Cowen from office before he can pass an emergency 2011 budget being demanded as part of the international rescue.

The New York-based Standard & Poor's credit ratings agency said it was lowering Anglo Irish Bank six notches to a junk-bond B grade. It also cut the ratings on Bank of Ireland one notch to BBB+, and downgraded both Allied Irish Banks and Irish Life & Permanent one notch to BBB."

[SeattleBruce]

What happened to the famed European bailouts? Debt and debt saturation cannot continue unabated, despite what boy king obummer tells the world.

http://economicedge.blogspot.com/2010/03/most-important-chart-of-century.html

http://economicedge.blogspot.com/2010/02/face-of-freedoms-vision.html

[April Lexington]

The really unnerving thing is that every one of those debt liability dollars on the banks’ balance sheets is an asset on someone else’s balance sheet. Someone is going to be out some real money this time as the banks either default or “haircut” the debt by issuing new debt!

[ZAROVE]

It seems that George Washington looses Value every day. But, regardless of the fact that modern economics based on shifting debt has devalued currency for the last 50-90 years or so, the powers that be still insist this is the only way to make sure Fiscal stability is created and the economy can grow. Apparently, George Washington has gone senile and is selling lal his assets, thinking it will make him richer in the long run.