Posted on 11/24/2011 9:08:27 AM PST by Steelfish
NOVEMBER 24, 2011, Portugal Hit by Downgrade and Strike
BY PATRICIA KOWSMANN
LISBON—Portugal suffered a double blow Thursday after Fitch Ratings downgraded its debt to junk, just as a nationwide strike shut public services amid growing discontent over austerity measures that are pushing the country into a deep recession.
Fitch, which matched Moody's Investors Service's move in July to place Portugal in junk territory, lowered its rating one notch, to double-B-plus from triple-B-minus, and warned further downgrades were possible because a recession in the country will increase challenges for the government to comply with its austerity plans. It maintained a negative outlook.
"The country's large fiscal imbalances, high indebtedness across all sectors, ...
(Excerpt) Read more at online.wsj.com ...
ping
In the USA, Bank of America appears to have the largest exposure to EU debt, but has tons of 'toxic assets' (i.e. humongous debt associated with the mortgage bubble of 2008). BoA could be bankrupt in days, but I'll wait until the results of the Federal stress test (just mandated a few days ago) is completed.
Enjoy the Thanksgiving. It may be our last gluttonous feast for some time as this global economic mess unfolds before our eyes.
Thank you God for the gift You gave us! Forgive us for throwing it away. Please help us to find our way back to your Grace.
well, itz obviously the selfish republican’s fault....
Probably some sort of hyrid but which is the battery and which is the gas tank?
“BoA could be bankrupt in days, but I’ll wait until the results of the Federal stress test (just mandated a few days ago) is completed.”
Get ready for Government Sachs to takeover another financial institution.
They did legalize Gay Marriage, with the “conservative” Pr signing it into law.
Amen.
Tea party people too.
Thank you God for the gift You gave us! Forgive us for throwing it away. Please help us to find our way back to your Grace.
Much smaller government is a good thing. Bipartisan politicos (the politically active kind) should quit crying about it and get real jobs in the private sector, because the remainder of the process of the big default is inevitable. Our treasury is now being stuffed with European money, so the eventual crash of bonds of all kinds on this side of the Atlantic will be much more spectacular.
That was the message of Fatima, yet we did not listen like we should have. Story of human history, but maybe we will turn back to him before it is to late. Pray for forgiveness and mercy because its going to take a lot of it for us.
Mebbe not. They dumped their derivatives department on a branch that is insured by the FDIC, with the Fed's blessing. Look in the mirror to see who will pay for that.
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