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Originally posted by fictitious
Does the moody rating reallly mean anything anymore anyway? It's been a waiting game for a while now. Nowwww they are "downgrading" several countries that should have been "downgraded " long ago.
Society is falling apart....and you know what? We probably all deserve this. This monster is "our" creation. Tick tock.
Originally posted by Agarta
I am beginning to wonder if the Olympics being held in London this year will boost enough revenue in such a short period of time that they may make it out okay.
Originally posted by flice
That's a common misconception... Olympics have a tendency to ruin economies instead of boosting them. Far too much money spend on facilities which will not be used after the whole deal is over. Look up previous hosts and see how much debt they have accumulated... it's staggering.
The only thing the Olympics are good for is the commitee and the tv ratings.
Greek banking stocks have jumped more than 20% amid talk that secret opinion polls show that pro-bailout parties are likely to win at the Sunday election, which would confound most people's expectations. Greek law bans the publication of opinion polls in the two weeks leading up to an election.
Panagiotis Kladis, analyst at NBG Securities, told Reuters:
The market sees that a pro-European government which will push ahead with reforms will be formed on Sunday.
Our Athens correspondent Helena Smith reported yesterday that anger had given way to fear in Greece.
Originally posted by amongus
Yep...same BS that members here on ATS have been spouting for over two years.
Originally posted by surrealist
I don't post as much anymore as what I frequently use to post as indicators of possible financial collapse is now becoming reality. Got my popcorn.
Sure, it’ll keep the markets bubbly until mid-week when fears of the Greek elections set in, (June 17) but that’s about it. It won’t fix the eurozone’s underlying problems, in fact, it doesn’t even address them. The narrow purpose of the bailout is to keep insolvent banks propped up to avoid another Lehman Brothers-type catastrophe. That’s it. In other words, the 100 billion will not boost competitiveness, spur growth, reduce unemployment, or increase fiscal and political integration. It doesn’t do any of these things, in fact, Spain’s debt-to-GDP ratio will widen even more due to the new burden its leaders have taken on. That means, Spain’s working people will have to endure even harsher conditions for a longer period of time to repay the obligations assumed by Madrid. How does that help?
The same rule applies to borrowing costs. The bailout doesn’t ensure that yields on Spain’s debt will fall or that the ratings agencies won’t continue to downgrade its banks and sovereign bonds. (which will make borrowing more expensive) In fact, adding 100 billion to the country’s debt load will probably trigger more downgrades, lowering Spanish debt to junk status. Finally, the bailout will not stop the slow-motion bank run that’s seen 100 billion euros exit Spain in the last year. (How’s that for symmetry?) The country is borrowing the exact same amount that it’s lost due to the flawed architecture of the eurozone which does not provide blanket guarantees on deposits.