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Greek debt drops to junk status, Portugal's also downgraded; markets slide on fears of crisis

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posted on Apr, 27 2010 @ 10:58 PM

Greek debt drops to junk status, Portugal's also downgraded; markets slide on fears of crisis

ATHENS (AP) -- Greece was pushed to the brink of a financial abyss and started dragging another eurozone country -- Portugal -- down with it, fueling fears of a continent-wide debt meltdown.

Stocks around the world tanked after ratings agency Standard & Poor's on Tuesday downgraded Greek bonds to junk status and downgraded Portugese bonds two notches, showing investors that Greece's financial contagion is spreading.

Major European exchanges fell more than 2.5 percent, and on Wall Street, the Dow Jones industrial average finished down 213 points, or 1.9 percent.
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posted on Apr, 27 2010 @ 10:58 PM
Could the U.S.A be facing the same future? What would be the affect and out come if this happened here? I know that Wall Street did not create Europe's debt problem, but bankers enabled Greece and others to borrow beyond their means, in deals that were perfectly legal and are they doing the same here?
(visit the link for the full news article)

posted on Apr, 28 2010 @ 02:39 AM
reply to post by ddarkangle2bad

Could the U.S.A be facing the same future? What would be the affect and out come if this happened here?

Hi dd, Good topic! Europe's problem/ the EU's problem is their own. The dollar was up today as proof.

Not that the US is in that much better position but Europe is definitely in a short term crisis with the Greek downgrade today!

The Greek downgrade will lead to more downgrades for Greece and other PIIGS/ Club Med countries (Portugal, Spain Italy, Ireland, Greece).

The EU is definitely challenged, Germany and France seem to be the dominate countries, many EU countries and potential members are very discontent with EU goals, especially the northern and eastern members.

The eastern countries have little confidence that the EU will defend against the current Russian aggression/ expansion.

But currently the status of Greece and the other Club Meds is more or less on hold dependent on the Greek response to this economic crisis. Will Greece be able to make the necessary cost saving measures to save itself?
Critical point will be the end of 2010.

Not really a crisis right now but stay tuned there's more to come!

posted on Apr, 28 2010 @ 02:44 AM
Personally, my opinion is that the banks will now begin to milk the system and betting against themselves abroad and at home..

The, just prior to another meltdown, a major conflict will kick off, all the while the rich will be stuffing their pockets, at the point they'll of conlfict they'll invest in the military industrial complex and line their pockets a bit more..

Sorry, but I have little faith in these people...

posted on Apr, 28 2010 @ 03:30 AM
This only shows how easy is for someone with enough power to manipulate the market and to start something similar to a collapse , that only God knows if it's based on real facts or not.

You people should know better about Standard and Poor's , owned by McGraw-Hill group . presided by Harold McGraw, III , with close ties to the Bush family.

But i goes nowadays we are able to make connections between all important people in the world ...

posted on Apr, 28 2010 @ 04:11 AM
greek bonds up to 38%!!!!


posted on Apr, 28 2010 @ 04:43 AM
Definitely not looking good for Greece.

Will be interesting to see how this affects other Eurozone countries.

posted on Apr, 28 2010 @ 05:41 AM
And so begins the second act of the banksters play for global domination. We will witness a second crash where those who thought it safe to reinvest in the stock market will lose all their money, whilst the banksters get richer.

Then we will see more calls for global governance, which is just the polite phrase for New World Order.

posted on Apr, 28 2010 @ 05:45 AM
And just think that If We ( The UK) had joined the Euro currency.... we too would be in the same boat as Greece.
Unable to adjust our rate of inflation to cope with the current situation, unable to make any changes really.... we too would be about to go bust

It's probably the only thing on which I agree with the Tories.... Not joining the Euro.

[edit on 28/4/10 by blupblup]

posted on Apr, 28 2010 @ 05:50 AM
Did yesterday.

some good post at that thread

posted on Apr, 28 2010 @ 05:56 AM
Greece should have been kicked out of the EU and left to its own devices...

Why should people in EU countries have to pay for the incompetence of the Greek government and the Greek people living beyond their means ?

# em, I say...

Short anything Greek with every dollar you own...Mortgage your house (again), sell your kids, sell your old folks dentures...Whatever you do SHORT Greece !

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