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Subject S&P JUST PUT THE EUROPEAN UNION ON CREDITWATCH NEGATIVE!

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[quote:The ALIEN Project:MV8xNzIzNDIyXzdCOTQ0Q0Iy]
Standard & Poor's ratings service just put the long-term rating of the European Union on "creditwatch negative."

With the eurozone accounting for 62% of the European Union's budgeted revenues in 2011, it would seem that the greater, 27-state European Union is also vulnerable to the crisis.

S&P is also putting BNP Paribas, Commerzbank, Societe Generale, Credit Agricole, Deutsche Bank, and many other European banks on "creditwatch negative."

Markets appear to be unfazed by the announcement. It is not wholly unexpected after S&P's announcement earlier this week that it had changed the credit outlook of 15 eurozone sovereign nations to negative.

Once again, S&P is late to the game and appears to be locking the barn door after the horse is gone. But the change certainly indicates just how precarious Europe's financial position has become.

Read more: http://www.businessinsider.com/now-this-sp-may-cut-aaa-rating-of-entire-european-union-2011-12#ixzz1ftHwGs00
[/quote]

Original Message Standard & Poor's ratings service just put the long-term rating of the European Union on "creditwatch negative."

With the eurozone accounting for 62% of the European Union's budgeted revenues in 2011, it would seem that the greater, 27-state European Union is also vulnerable to the crisis.

S&P is also putting BNP Paribas, Commerzbank, Societe Generale, Credit Agricole, Deutsche Bank, and many other European banks on "creditwatch negative."

Markets appear to be unfazed by the announcement. It is not wholly unexpected after S&P's announcement earlier this week that it had changed the credit outlook of 15 eurozone sovereign nations to negative.

Once again, S&P is late to the game and appears to be locking the barn door after the horse is gone. But the change certainly indicates just how precarious Europe's financial position has become.

Read more: [link to www.businessinsider.com]

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