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Spain Downgraded to One
Level Above Junk by S&P

Bloomberg, by Angeline Benoit

Original Article

Posted By:horacer, 10/10/2012 7:01:38 PM

Spain’s debt rating was cut to one level above junk by Standard & Poor’s, which cited mounting economic and political risks. The country was lowered two levels to BBB- from BBB+, New York-based S&P said today in a statement. S&P assigned a negative outlook on the nation’s debt. The downgrade comes after Spain announced a fifth austerity package in less than a year and published details of stress tests of its banks. Creditworthiness concerns have grown since the government requested as much as 100 billion euros ($129 billion)

Comments:
Romney was right, we don't want to go down this path.

      


Post Reply  

Reply 1 - Posted by: Golden, 10/10/2012 7:10:19 PM     (No. 8924118)

OP you mean President Romney ey??

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Reply 2 - Posted by: Photoonist, 10/10/2012 7:35:02 PM     (No. 8924170)

''The yield on Spain’s 10-year benchmark bond closed at 5.8 percent yesterday, compared with a record of 7.75 percent on July 25, a day after Spain signed a memorandum of understanding awarding it a credit line for its banks. '' - article. So now the interest will jump again so that it will be impossible for Spain to pay off its bonds on time.

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R-VAR_AD


 
Reply 3 - Posted by: stablemoney, 10/11/2012 1:03:21 AM     (No. 8924684)

The bonds are junk. The EU will have to buy them.

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Reply 4 - Posted by: mickturn, 10/11/2012 12:00:50 PM     (No. 8925784)

Socialism at work...Good Job Spain...See Ya in the trash heap of History!

Eurowennies, who'se next?

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B-G1


 
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