It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

S&P Downgrades Nationalized Bankia Again

page: 1
4

log in

join
share:

posted on May, 25 2012 @ 01:26 PM
link   
Standard & Poor just downgraded Bankia and other spanish banks after it asked for
19,000,000.000 euros or about 15,000,000,000 pounds.


Standard & Poor's Ratings Services today said it has lowered its ratings on five Spain-based financial institutions, affirmed the ratings on nine, and maintained the ratings on five on CreditWatch with negative implications (see Ratings List). We have also revised down our assessments of the stand-alone credit profiles (SACPs) of six financial institutions, with revisions ranging from one to three notches. With the exception of two financial institutions, all ratings either carry a negative outlook or remain on CreditWatch negative. The rating actions follow our review of the wider implications for economic and industry risks in the Spanish banking sector after our two-notch downgrade of the Kingdom of Spain (BBB+/Negative/A-2) on April 26, 2012. As a result of the review, we have maintained our Banking Industry Country Risk Assessment (BICRA) on Spain at group '5', but revised our economic risk score, a component of the BICRA, to '6' from '5' (see "BICRA On Spain Maintained At Group 5, Economic Risk Score Revised To '6' Following Sovereign Downgrade," published May 25, 2012, on RatingsDirect on the Global Credit Portal).


Spain it the 4th biggest economy in europe with a huge 24% unemployment they cant
afford that much with regions like catalonia also asking for a bailout of just 13 BN euros.

S&P Junks Nationalized Bankia, Downgrades Various Other Banks

Catalonia calls for help from central government to pay debts

Isn't it lucky the UK gave 10BN to the IMF of our money to help out those poor banks.

edit on 25/5/2012 by skuly because: read on the bbc the value was 19bn not 15bn




posted on May, 25 2012 @ 01:33 PM
link   
You know all this noise, about such and such a bank and or country is wearing thin now.

I would expect most site members here knew all this was coming anyway. So what does it all mean to me? Well I think for all the noise in EuroLand it takes the heat away from other countries and currencies. It seems to go quiet when the USA or a non euro "thing" is in trouble.

Its like a planet size magicians trick... hey look over here....

I seriously think they are going to go all in soon... metals to the moon etc after that no doubt. When I read about people going under financially there in the story is always a reference to the final blow out on the credit card before the credit life expires... I see no different response in a sovereign.

The question is not if, it is when.
edit on 25-5-2012 by komp_uk because: (no reason given)

edit on 25-5-2012 by komp_uk because: (no reason given)



posted on May, 25 2012 @ 01:37 PM
link   
Spain is the 4th Largest Economy in Europe. Things are getting really serious out there at the moment. They are facing a potential halving of house values, despite the banks still giving out mortgages at 100% rates.



posted on May, 25 2012 @ 02:00 PM
link   

Originally posted by komp_uk
The question is not if, it is when.


Your right it is only a matter of time.

Another question is how much more of our money are they going to chuck down this
bottomless pit to try to keep the status quo and at the same time beat us over the head
with austerity saying we all pennyless when it comes to public services.



posted on May, 25 2012 @ 02:40 PM
link   
reply to post by komp_uk
 


Yeah, I think a lot of us knew this coming in Europe for a long time now and it's just going to spread and spill over everywhere else, it's already started in North America as well. This looks like financial warfare to me, it has all the indications. It's actually very similar to corporate warfare between corporations and their shareholders, you know, shareholder oppression, financial attrition by dragging things out in court, etc. The weapon being used is the credit rating and it's impact on interest rates and available "money." As soon as the IMF, BIS or World Bank don't get their rape fee and their extras, they start downgrading credit and a war of attrition begins to see who will last the longest. It's kind of funny actually, the banks make the credit ratings, there are no truly independent credit rating agencies, so isn't that a conflict of interest?

Problem for the IMF et al, is that once all these countries catch on (can you say BRICS, sure, knew ya could) and start pulling away from the IMF, there will be fewer and fewer countries to extort, especially when so called "failed countries" get together and form their own financial unions without the IMF. Then we can start having some serious investigations that will hopefully result in the share value of rope, rising.

The next few months should be very interesting ;-)

Cheers - Dave



posted on May, 25 2012 @ 02:57 PM
link   
reply to post by bobs_uruncle
 


I would like to know more about how this type of news is presented to those folks who live in other countries.

Here in the UK they do mention these things on the "idiot lantern" yet when I hear how it is presented to the masses, it is usually nothing like the initial news source where it came from. It is also done in a short space of time....then they move onto to something more jovial to make you forget what you just heard.

Also I see the UK Gov imprinting the thought "euro doom = uk doom" to get us ready to get the "large foam fingers of blame" so we have something to point at when their own policies are starting to crumble.

In the UK the house price non-correction is the elephant in the room & the gov know it. How can we grow and spend (the public) when house prices are 6x average salary. Maybe they will let the euro issues be the trigger to the house price crash. The gov will not be blamed then.

A house price crash here will kill the banks AGAIN and thus more bailout.

Print or die, possible print and die.

I have no solution to it.



new topics

top topics
 
4

log in

join