Friday, May 28, 2010


Spain has now also been downgraded by Fitch.

It was recently downgraded by S&P.

Both S&P and Fitch were intimately involved in the complete fuck-up of the global economy in the last decade by rating junk mortgages as AAA.

Bilderberg met in Greece last year.

Bilderberg will meet in Spain next week.


I seriously doubt it.


Fitch downgrades Spain, Wall Street stocks fall in response

UPDATED at 1:24 p.m.:

The quiet day on Wall Street is over.

Stocks are down following ratings-agency Fitch's downgrade of Spain's credit rating, following a similar downgrade last month from rival ratings agency S&P.

The Dow, the broader S&P 500 and the tech-heavy Nasdaq are all down at or near 1 percent.

Spain is a bigger problem for Europe than is Greece, because Spain is so much larger: Too big to fail and too big to save at the same time. Nevertheless, the European debt contagion has spread to the Iberian peninsula, with Portugal consumed, as well.

Fitch said Spain's rating is "stable," but it cut the nation's rating from "AAA" to "AA+."

"The downgrade reflects Fitch's assessment that the process of adjustment to a lower level of private sector and external indebtedness will materially reduce the rate of growth of the Spanish economy over the medium-term," said Brian Coulton, the head of EMEA sovereign ratings, in a statement. "Despite government debt and associated interest costs remaining within the AAA range, Fitch anticipates that the economic adjustment process will be more difficult and prolonged than for other economies with AAA rated sovereign governments, which is why the agency has downgraded Spain's rating to AA+."

1 comment:

thirdeye said...

no shock.....Financial terrorism and a nwo are getting closer. Portugal then the uk. Conservative uk....More riots especially up in scotland