Originally posted by MidnightTide
S&P Cuts Triple-A Ratings of France, Austria
PARIS—Standard & Poor's Ratings Services stripped France of its prized triple-A long-term credit rating, the company announced Friday afternoon, a move that marks the long-awaited blow to France's international standing and knocks Europe's second-largest economy out of the top financial league of the euro zone.
Read more at:
online.wsj.com...
It was only a matter of time, the situation in Europe is dire, looks like more bailouts are in order - and of course they release the information on a Friday.
Other countries that were downgraded:
France downgraded to AA+
Austria downgraded to AA+
Spain downgraded to A (went down 2 notches)
Italy downgraded to BBB+ (went down 2 notches)
Portugal downgraded to BB (went down 2 notches)
This is going to be a huge blow to Italy as they were able to finally able to reduce the percentage rate on their bonds. The only thing holding the EU together is Germany, how long will they be able to do so? Greek talks on restructuring their debt have stalled.
At least this is masking how bad things are in the states, who want to increase their debt by another 1.2 trillion. I have said in many of my posts, if you are not preparing for economic collapse, then I feel sorry for you and your family.
edit on 13-1-2012 by MidnightTide because: (no reason given)
Germany is holding the EU together? No it isn't. It is hovever holding The EURO together (A currency thankfully Britain is not a part of)
