It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
ATHENS – Greece was pushed to the brink of a financial abyss and started dragging another eurozone country — Portugal — down with it Tuesday, fueling fears of a continent-wide debt meltdown.
Stocks around the world tanked when ratings agency Standard & Poor's downgraded Greek bonds to junk status and downgraded Portugese bonds two notches, showing investors that Greece's financial contagion is spreading.
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.
Originally posted by IMOVERHERE
reply to post by ppk55
In UK we have had a multitude of ” Get Cash For Gold” adverts suddenly appear on all tv channels so somebody knew this was coming. Has this happened across Europe ? It would be interesting to find out who are the directors and owners are.
The IMF, the European Union and the European Central Bank (ECB) officials were negotiating a three-year fiscal authority plan with Greece, which was a premise for Germany on releasing emergency loans to the debt-stricken country.