Many Spaniards are angry over austerity measures and widespread unemployment [Reuters] Spain’s economic recession has double-dipped in the first fiscal quarter, as the country faces intense pressure from the European Unionto solve its financial problems and growing public unrest against austerity measures, new data shows.The official data was released on Monday amid new quarterly unemployment figures showing nearly 25 [...]
AP / Margarethe Wichert / dapd By Nomi Prins Standard & Poor’s likes moving on Friday nights after the markets are closed. It was on a Friday night that it downgraded U.S. debt to AA+ from AAA. And on Friday night, Jan. 13, it downgraded France and Austria from AAA to AA+ and seven other European [...]
LIKE THIS ARTICLE ? Join our mailing list: Sign up to stay up to date on the latest headlines via email. Are the Ratings Agencies Abandoning Fiscal Austerity? Despite downgrades, even ratings agencies may be figuring out the economies in peril can’t be helped by mindless cuts and contractions. January 16, 2012 | This article although written [...]
Since becoming prime minister, Rajoy has taken steps to deal with Spain’s high unemployment rate [AFP] French President Nicolas Sarkozy is in Spain for talks with Mariano Rajoy, the country’s new prime minister, that are likely to be dominated by a sweeping credit downgrade that has reignited fears over the financial stability of the eurozone. Sarkozy, in remarks published [...]
The ITEM club forecasts that unemployment will approach three million in 2012, representing 9.3% of the UK’s labour force Photograph: Danny Lawson/PA The UK is likely to already be in recession, according to two highly regarded economic forecasters, as developments in the eurozone paralyse the country’s recovery. The Ernst & Young Item Club and the [...]
Degrade This: Wall Street’s Ratings Agencies Undermine Europe’s Attempt at Recovery Acting Like Financial Terrorists by Danny Schechter We live in an increasingly degraded country. Our politics are degraded and a laughing stock to the word. Our military is demoralized and degraded with soldiers urinating on dead civilians and awaiting deployment orders for the next illegal [...]
In a touching few moments in the economic lunacy charade why not as, isn’t this the same credit agency that rated subprime and get rich quick tricks AAA? Seems all is forgiven and apparently now their assessment has somehow come good. This is a real tribute to the power of propaganda as so many swallow [...]
Dennis Skley (CC-BY-ND) By William Pfaff The American rating firm Standard & Poor’s warned 15 European nations on Monday, including Germany and France, that unless they solve their currency problems this week, to the satisfaction of S&P, a business corporation, this company will “downgrade” them, with the effect of increasing the interest they must pay on their [...]
A euro sculpture in front of the European Central Bank building in Frankfurt. Photograph: Michael Probst/AP Eurozone ministers hit back at S&P downgrade threat: live • S&P threatens mass downgrade of eurozone states • Greek parliament to vote on 2012 budget • British Retail Consortium reports biggest sales fall for six months 2.41pm: If you’ve been [...]
Germany and France are among the nations threatened with a credit downgrade by Standard & Poor’s. Photograph: Charles Platiau/Reuters The grand bargain struck by Germany and France to save the euro and restore confidence in the single currency was facing its first challenge within hours of being negotiated, after 15 eurozone nations were warned that their credit [...]
While European leaders are struggling to deal with the crises in Italy and Greece, another debt crisis is looming. The US congress has until November 23 to agree on how to reduce its public debt, or face mandatory budget cuts. Many are concerned that failure to reach a deal might lead to a downgrade of the US [...]
Italy downgrade deepens contagion fears over euro debt crisis Ratings agency Moody’s slashes Italy debt rating by three points, increasing pressure on European governments trying to contain financial crisis Moody’s downgrade threatens to increase Italy’s cost of borrowing and will add yet more pressure to European finance ministers. Photograph: Gregorio Borgia/AP Italy‘s sovereign debt rating [...]
