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S&P cuts Spain rating to BBB-

 
Anonymous Coward
User ID: 25327175
Netherlands
10/11/2012 02:36 AM
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S&P cuts Spain rating to BBB-
Standard and Poors (S&P) rating agency has downgraded Spain’s sovereign credit rating from BBB+ to BBB-, just a level above junk status.


S&P lowered the country’s credit rating by two notches with a "negative outlook" citing “mounting risks to Spain's public finances, due to rising economic and political pressures," the rating agency said in a statement issued late on Wednesday.

"In our view, the capacity of Spain's political institutions (both domestic and multilateral) to deal with the severe challenges posed by the current economic and financial crisis is declining, and therefore, in accordance with our rating methodology, we have lowered the rating by two notches," S&P added, warning Madrid of another impending downgrade.

A high rate of unemployment, social unrest, and tensions between the Spanish central and regional governments were also mentioned by S&P, among other factors.


“Overall, against the backdrop of a deepening economic recession, we believe that the government’s resolve will be repeatedly tested by domestic constituencies that are being adversely affected by its policies,” S&P noted.


Another rating agency, Moody's Investors Service, which has already lowered Spain’s rating to Baa3, has the country on review for a possible downgrade.


Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs. Unemployment is approaching 25 percent.


Source: Presstv
Anonymous Coward (OP)
User ID: 25327175
Netherlands
10/11/2012 02:49 AM
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Re: S&P cuts Spain rating to BBB-
Lose your Spanish shares today! Collapse imminent.
Anonymous Coward (OP)
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Netherlands
10/11/2012 02:56 AM
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Re: S&P cuts Spain rating to BBB-
Red Cross launches Spain crisis fund
The International Committee of the Red Cross has called on donors to help hundreds of thousands of Spaniards thrown into poverty by the country's unprecedented economic recession.


On Wednesday, the Red Cross urged Spaniards to donate food and help to raise more than USD 39 million for their poverty-stricken countrymen as the economic crisis takes its toll on the nation.


"There are people who have all their working-age family members unemployed, people who are losing their homes through eviction," said Spanish Red Cross spokesman Fernando Cuevas.

This marks the first time an appeal of this magnitude has been launched in Spain “due to the current situation which is increasing the number of users" of the aid programs, Cuevas added.

"Until now, an appeal was usually used exclusively for emergency situations at the international level," Cuevas said, whose country-specific appeals are typically aimed at poor countries abroad.


An extra 300,000 Spaniards will require aid this year, attributing the rise to a loss of jobs and exhaustion of welfare benefits for long-term unemployment.


Before 2012, the Red Cross in Spain had helped two million recipients of its aid, mostly in need of food or money.


Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, destroying millions of jobs.
Anonymous Coward
User ID: 6035998
Australia
10/11/2012 03:20 AM
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Re: S&P cuts Spain rating to BBB-
Standard and Poors is an American company with its hands on international monetary.

I look forward to the day, America doesn't have control of the world.
Face Palmer
Yo mamma pulls catapults to gondor

User ID: 25303805
Germany
10/11/2012 03:21 AM

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Re: S&P cuts Spain rating to BBB-
Spain will break up.
"The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."

Never attribute to malice that which is adequately explained by stupidity.
Anonymous Coward
User ID: 1258659
United States
10/11/2012 03:33 AM
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Re: S&P cuts Spain rating to BBB-
Spain, please publicly lynch all your bankers and oligarchs, thanks
Anonymous Coward
User ID: 25356310
Croatia
10/11/2012 04:43 AM
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Re: S&P cuts Spain rating to BBB-
Spain, please publicly lynch all your bankers and oligarchs, thanks
 Quoting: Anonymous Coward 1258659


rockon
Mr information
User ID: 1337378
Belgium
10/11/2012 05:22 AM
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Re: S&P cuts Spain rating to BBB-
Standard and Poors is an American company with its hands on international monetary.

I look forward to the day, America doesn't have control of the world.
 Quoting: Anonymous Coward 6035998


American. That's implying there are still countries left with sovereignty in this world.

No no it's a masonic satanic institution like all the others.

This entire epoch is ruled by masonry from the depths of the satnic lodges.

You can always hear them say "the show must continue" to each other.

What you see in front of you is masonic entertainment.

There are no banks no political parties companies kartels it's all bs.

All those folks are masons guided by occult priets which are themselves controlled by demons.

By now you should all realize that? Or not?
skywalker
User ID: 23347181
10/11/2012 05:28 AM
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Re: S&P cuts Spain rating to BBB-
[link to www.bbc.co.uk]
Anonymous Coward
User ID: 25359344
United Kingdom
10/11/2012 08:09 AM
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Re: S&P cuts Spain rating to BBB-
 Quoting: skywalker 23347181

skywalker is that you??...

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