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Fitch upgrades Iceland to BBB-, stable outlook

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posted on Feb, 17 2012 @ 10:45 AM
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CHICAGO (MarketWatch) -- Fitch Ratings has upgraded Iceland's long-term foreign currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+,' the firm said Friday. The outlook is stable. The upgrade "reflects the progress that [Iceland has] made in restoring macroeconomic stability,


Link www.marketwatch.com...

Link 2 online.wsj.com...

See Iceland are coming out of it slowly Greece and the rest I think it's way too late for them well done ICELAND.

So what are your thoughts on this.


Thanks




posted on Feb, 17 2012 @ 11:00 AM
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Well with all the downgrades in all the countries that have had bailouts and only Iceland refused the cash is recovering although at a slow rate but recovering.

Just proves that bailouts do not work

Like I said well done ICELAND.

Thanks



posted on Feb, 17 2012 @ 11:11 AM
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Well done Iceland.
People power in operation. They refused to be dictated to by other European leaders and refused to let the government pass on the debt, that the people didn't incur, to the taxpayers! A model we should all be following.


No wonder our own press have been so quiet on the Iceland issue. Can't let the peasants see how they dealt with the problems their bankers and government made... might give them ideas.



posted on Feb, 17 2012 @ 04:00 PM
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Ratings agency Fitch says Iceland's long-term debt is now safe to buy, adding the outlook for the tiny North Altantic nation is stable


Linknews.yahoo.com...

Do you think we will ever see the same said about Greece or the rest of them my opinion is NO.


Thanks



posted on Feb, 17 2012 @ 04:12 PM
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Originally posted by mars1

Ratings agency Fitch says Iceland's long-term debt is now safe to buy, adding the outlook for the tiny North Altantic nation is stable


Linknews.yahoo.com...

Do you think we will ever see the same said about Greece or the rest of them my opinion is NO.


Thanks


Nice quote, but untrue (well done Associated Press).

Fitch has issued a BB+ Stable rating to Iceland, which (in Fitch language) is non-investment grade/speculative.


BB(xxx) 'BB' National Ratings denote an elevated default risk relative to other issuers or obligations in the same country. Within the context of the country, payment is uncertain to some degree and capacity for timely repayment remains more vulnerable to adverse economic change over time.


Source - Fitch

All of this is largely moot however, if other countries do not wish to play ball any more (ie: the EU) Iceland will have a very difficult time becoming anything more than a backwater, barely first world country. Which is a complete shame, beautiful country.

Edit to add:

Iceland did not actual bail on its debt load completely. They have signed agreements with a couple countries for full repayment (over time, linked to GDP), but there is still multiple legal investigations and massive political fallout to overcome.

Going to be a very long road ahead.
edit on 17-2-2012 by peck420 because: (no reason given)



posted on Feb, 17 2012 @ 04:35 PM
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reply to post by peck420
 


True it's a slow recovery but how many country's have been upgraded in this mad world of downgrades.
Thanks for your post
maybe it's not as it sounds in the articles but up is always better than down.

Thanks



posted on Feb, 17 2012 @ 04:46 PM
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Well done Iceland for saying no when everyone else said later!

You took the pain while every tried to print their way out. Iceland is rebuilding while EVERYONE else is messing around still in the same situation, if not worse then 2008.

Who's the STUPID here??

Holiday in Reykjavik anyone?



posted on Feb, 17 2012 @ 05:13 PM
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reply to post by mars1
 


No prob.

For the record I think Iceland did the right thing.

I just have zero faith in other countries acting like adults.



posted on Feb, 18 2012 @ 12:51 PM
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reply to post by mars1
 


Not really a slow rate actually. Compared to the fact that Europe is essentially on a slow ride downhill Iceland is improving rather quickly.

Proof that Free-Market economics will, in the long run, provide a sound economy. Government intrusion and propping will result in a slow but fateful death.



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